Newly-qualified (NQ) lawyers at Norton Rose Fulbright will now earn as much as their counterparts at Linklaters and Slaughter and May.
The firm revealed that NQ salaries have risen from £63,000 to £65,000, a rise of 3 per cent. Last year, salaries increased by 2.5 per cent from £61,500 to £63,000.
The rise means that NQ salaries now match those offered by Linklaters and Slaughter and May, though they fail to stand up to those on offer from Clifford Chance (6 June 2014) and Freshfields Bruckhaus Deringer (29 May 2014), with the former paying NQs £57,500 and the latter’s remuneration ranging from £67,500 to £77,500. Allen & Overy has not yet announed its salary rises.
Slaughters raised NQ salaries to £65,000 earlier this year (30 April 2014). A number of other firms have also hiked salaries to match the magic circle this year, including Herbert Smith Freehills (2 June 2014) and Hogan Lovells (27 May 2014).
Norton Rose Fulbright also announced increased trainee wages. First-year trainees will now take home £39,500, an increase of £1,500. Wages remained static in 2013, standing at £38,000 having risen from £37,000 the previous year (13 July 2012).
Second-year trainees will also receive a rise of £1,500 to £44,500. Like first-year trainee wages, they stayed static in 2013 but rose by £1,500 in 2012 to £43,000.
The salary rises follow a good financial year for the firm, which has announced turnover of $1.851bn (£1.152bn) for the first full year since the combination of Norton Rose and Fulbright & Jaworski (8 July 2014).
NQ salary rates across the magic and silver circle
|Slaughter and May||Freshfields||Allen & Overy||Clifford Chance||Norton Rose Fulbright||Linklaters||HSF||Hogan Lovells|