Global law firm Baker McKenzie has increased the salary for its London-based newly qualified lawyers from £110,000 to £118,000 as of this month.
According to the firm, which has more than 13,000 employees, trainee salaries will remain at their current rates of £50,000 for first-year trainees and £55,000 for second-year trainees. Last July, Baker McKenzie increased the £105,000 starting pay for newly qualified lawyers by £5,000.
In addition, all fee earners at Baker McKenzie are also eligible to receive a discretionary bonus, which contributes to their overall remuneration alongside their salary and employee benefits. Its bonus scheme aligns with the performance element of its strategy and was designed to recognise and reward high performance and significant contributions.
Ed Poulton, Baker McKenzie's London managing partner, said: “Our people are fundamental to our success as a firm, and we are determined not only to build an inclusive workplace for all, but also to reward in a consistent manner. We recognise that remuneration is one element of our package, as well as other important factors including our culture, offering a range of benefits and services, and agile working arrangements.
“I am delighted to be able to announce this uplift in salaries for our newly qualified lawyers, who, alongside our other talented individuals, we hope enjoy long and fulfilling careers with Baker McKenzie.”
Benefits offered by Baker McKenzie include a gym and fitness subsidy, a bikes-for-work scheme, independent financial advice, a group personal pension plan, life assurance and income protection, dental insurance, employee assistance programme, private medical insurance, onsite GP, onsite physiotherapy and eye care.
