Jones Day has become the latest firm to raise its salaries for newly-qualified (NQ) solicitors to £100,000 in London.
The firm has hiked NQ pay by 18 per cent, from £85,000.
The firm’s trainees will also see their salaries increase. First years will now start on £47,000, up 4 per cent from £45,000, while second years will take home £54,000, up 8 per cnet from £50,000.
Massive salary rises at US firms in London were sparked last year by Cravath Swaine & Moore’s first pay rise for New York associates in years. Other firms scrambled to follow suit, sparking a chain reaction that made its way across the Atlantic to London. Firms including Kirkland & Ellis, Vinson & Elkins, Cadwalader Wickersham & Taft and Latham & Watkins now pay their London NQs in excess of £100,000.
Meanwhile, Macfarlanes has also raised its NQ pay significantly. Newly qualified lawyers at the firm will now be paid a minimum of £81,300, up 15 per cent from £71,000. High performing NQs could earn up to £90,000 under the firm’s bonus system.