Hogan Lovells has increased its newly-qualified (NQ) salary to £70,000, sailing past the current pay packets of magic circle NQs.
The pay increase will apply from May 2015 to May 2016. During the 2014/15 cycle, NQs were paid £65,000, with the rise equating to an 8 per cent hike.
Trainees also received pay rises. First-year trainee pay has increased by 4 per cent from £39,500 to £41,000 while second-year wages rose by 2 per cent from £45,000 to £46,000.
Hogan Lovells’ salary review matches that of Slaughter and May, the first large firm whose 2015 salary review was made public. It too increased its NQ salaries to £70,000, and trainee salaries to £41,000 for first years and £46,000 for second-years.
No other firms have released salary details for 2015/16 as yet. Last year NQ salaries at the magic circle ranged from £65,000 at Linklaters to £67,500 at Clifford Chance. Freshfields Bruckhaus Deringer NQs earned between £67,500 and £77,500, depending on their placement within their bracket.