Shoosmiths has announced a pay rise for newly qualified (NQ) solicitors from November.
Salaries for NQ solicitors at the law firm will increase in the Autumn to £105,000 in London, and £67,000 in regional locations in England.
Shoosmiths said that the pay rise will ensure the firm remains competitive in attracting and retaining early-career talent in a fast-moving market.
Shoosmiths’ reward model combines base pay with firm-wide and individual bonus opportunities that reflect collective and personal contributions.
In June, it announced that for the financial year 2024/25, the firm-wide bonus paid out 5% of salary to all 1,300 eligible employees.
Also, lawyers are now eligible for an individual performance-related bonus based on chargeable hours. The standard expectation is 1,350 hours and bonuses start to accrue at 1,485 hours, rising on a tapered scale to a cap at 1,900 hours.
The combined effect of both schemes means a lawyer can earn up to 19% of salary in total bonus.
In a statement, Shoosmiths said that it recognises that the recent rise in NQ salaries has had a knock-on effect at other levels, creating understandable concerns around pay compression.
These dynamics are being felt across the market, and Shoosmiths stated that it remains committed to providing competitive salaries at all levels across the firm.
While base salaries at NQ level have increased in response to that market pressure, the firm’s bonus scheme provides additional earning potential, particularly for more experienced lawyers, who are often best placed to exceed performance thresholds.
