Norton Rose Fulbright will increase pay for newly qualified lawyers by 12 per cent, as it joins the clamour for fresh legal talent, according to reports.
The law firm announced a new “compensation strategy” which rewards new junior lawyers with an additional £10,000 a year, bringing their annual salary to £95,000, according to Legal Cheek, which first reported the news.
The boost to their salary will come as a late Christmas gift for staff at Norton Rose Fulbright, who will see the changes come into place from 1 January 2022.
In addition, newly qualified lawyers who also manage to meet their target of 1,800 hours and above will enjoy compensation between £107,500 to £133,000.
The move follows a flurry of hikes by City law firms to salaries for junior lawyers as firms fight to recruit new lawyers.
Last week Stephenson Harwood increased new lawyer salaries to £90,000 while Ropes & Gray raised them to an eye-watering £147,000.