Ohio headquartered law firm Squire Patton Boggs has given newly qualified lawyers in its London offices a £10,000 pay rise after upping their salaries to £95,000.
A spokesperson for the firm told City A.M. that Squire Patton Boggs has also given NQ lawyers in its Manchester, Leeds, and Birmingham offices a £5,000 pay rise, which will see their salaries rise to £55,000 a year.
The firm said all its pay rises will be backdated to 1 January 2022. The pay rises will see newly trained solicitors in Squire’s London offices take home an extra £480 each month, after tax.
On a month by month basis, Lawyers in Squire’s London offices will see their take home pay increase from £4,832 to £5,312 each month.
The Cleveland, Ohio law firm’s pay rises come amid fierce competition for legal talent in the law sector.
Last month, New York law firm Milbank sparked a fresh bidding war after upping NQ pay to $215,00 (£160,000). Milbank’s offer was quickly surpassed by Boston firm Goodwin Procter, which said it would pay NQ’s £161,500 a year.
European Managing Partner Jonathan Jones said: “Our associates represent the future of our firm. In a highly competitive market for talent, we remain committed to providing competitive pay and distinguishing ourselves with a culture that places the highest value on people’s development and well-being.”
Squire’s pay rises put the firm on par with City of London firm DLA Piper which this month also raised pay for NQ’s in its London offices to £95,000, up from £88,000 previously.
The pay hike also puts Squire on par with London firms Norton Rose Fulbright – which upped NQ salaries to £95,000 in November – CMS, which followed suit the following month.
In November, St Louis, Missouri-based law firm Bryan Cave Leighton Paisner also upped its NQ’s pay to £95,000 a year.