Jones Day hikes NQ salary & reveals 92 per cent NQ retention

Jones Day has boosted its salary for newly qualified lawyers (NQs) by almost 4 per cent following a review.

Following the rise, NQs at the firm will take home a salary of £72,500, compared to £70,000 for 2011.

The news follows the firm increasing its first year trainee solicitor salary from £39,000 up to £41,000 (4 May 2012).

Its second-year trainees will continue to receive up to a £50,000 wage.

Elsewhere, Jones Day has also confirmed a 92 per cent retention rate for its NQs, keeping 10 out of 11 of its qualifying trainee solicitors.

This is a rise from 2011 figures where the firm held onto 80 per cent of its 15-strong trainee cohort, with 12 NQs accepting positions with the firm.

The firm follows Shearman & Sterling and Farrer & Co that were the first firms to reveal their summer NQ retention rates. Shearman’s announced it was keeping 87.5 per cent, holding onto seven out of eight trainees (29 May 2012).

Meanwhile, Farrers is keeping 100 per cent of its qualifying trainee solicitors, retaining all 10 (10 May 2012).