Global law firm Baker McKenzie has increased the starting pay for newly qualified lawyers from £105,000 to £110,000, as of this month.
Trainee salaries have remained at their current rates, with first year trainees eligible for £50,000 and second year trainees receiving £55,000.
According to the firm, which has around 13,150 employees, all fee earners are also eligible to receive a discretionary bonus, which contributes to their overall remuneration alongside their salary and employee benefits. The bonus scheme was designed to recognise and reward high performance and significant contributions from employees.
Ed Poulton, London managing partner at Baker McKenzie, said: “At Baker McKenzie, we believe in rewarding in a fair, consistent and competitive manner. The attraction, retention and development of our people is key to the success of our firm and is at the heart of our strategy. Alongside a competitive salary, fantastic career development opportunities and an extensive package of employee benefits, we are proud to also offer our people the opportunity to work in an inclusive workplace where they can be themselves and thrive. ”
Currently, the highest paying London-based legal firms for junior lawyers are Clifford Chance and Freshfields Brukhaus Deringer, which both offer starting salaries of £125,000. Clifford Chance increased its base pay for newly qualified associates in May this year by 16% to £125,000 per year, in order to match Freshfields.
Meanwhile, Herbert Smith Freehills increased its base pay for newly qualified lawyers by 14% as of this month, paying £120,000 per year as soon as they are qualified. Slaughter and May and Linklaters pay starting salaries of £115,000 and £107,500 respectively.