Law firms are continuing the competition for new talent by upping trainee salaries, with Clyde & Co, Fieldfisher, and Squire Patton Boggs the latest firms to join the fray.
US law firm Squire Patton Boggs told City A.M. that it had raised its trainee lawyers’ salaries by 27 per cent.
In an email to City A.M a spokesperson for the international law firm confirmed that it had upped year one salaries for London trainees to £47,000.
The new salary marks a 27 per cent on the £37,000 per year salaries offered previously.
Year two trainee will see their salaries jump 19 per cent from £42,000 to £50,000, while newly qualified (NQ) associates will earn £85,000 a year.
Meanwhile, trainees based outside of London, in Squire Patton Boggs’ regional offices in Leeds, Birmingham, and Manchester, will get a £5,000 pay boost which will see their salaries jump 15 per cent to £30,000 in year one and £33,000 in year two.
In a statement, Jonathan Jones, European Managing Partner at Squire Patton Boggs said: “These increases reflect the robust activity levels across our business and the highly competitive market to recruit talent.”
“Equally, we realize money isn’t everything and remain focused on keeping a culture where our junior attorneys can practice at a high level and also have a life.”
Newly qualified solicitors at Clyde & Co will get £80,000 a year, while those at Fieldfisher will see their pay jump 10 per cent from £77,000 to £85,000.
In an email, a Clyde & Co spokesperson said the firm is also amending its UK bonus scheme, which will see the maximum bonus rate increased to 25 per cent. Individuals will also get a “referral bonus” for bringing new work to the firm.
In a statement, Rob Hill, chair of Clyde & Co’s UK board, said: “At Clyde & Co we are focused on investing in our people in all respects so that they can enjoy long, fulfilling and varied careers with us while providing clients with the market leading levels of service and legal advice they expect from a firm of our standing.”
“This means providing our lawyers with the best training, an environment in which they can grow and give the best of themselves, and the chance to work with colleagues around the world on varied, interesting, and demanding client instructions.”
London trainees at Clyde & Co will reportedly earn £40,000 in their first year, and £42,000 in their second.
NQs working for Fieldfisher outside of London will now earn £50,000, up from £45,000.
A spokesperson for Fieldfisher said: “While salaries are important to attract the best talent, pay isn’t everything. We pride ourselves on the strength of our Fieldfisher community, where we promote inclusiveness and diversity of all skills, strengths and perspectives, encourage innovation and endorse collegiality.”