Vinson & Elkins bumps up trainee salaries while freezing NQ wage

Vinson & Elkins’ (V&E) London office will increase its trainee salaries significantly but has frozen its newly-qualified (NQ) pay at £80,000.

The US firm has increased its first year trainee salaries by 12.5 per cent, from £40,000 to £45,000, and upped its second year salaries by 13 per cent, from £42,000 to £47,500.

Training partner Mark Beeley said: “V&E has been a vital part of the London market since 1971, and as its trainee programme enters its thirteenth year it is important that we continue to attract top-tier talent to provide our clients excellent service.

“We feel these changes to our compensation structure allow us to remain competitive in this highly important market.”

Salaries for junior lawyers have been boosted at most major City firms this year, with US firms in particular upping the ante. Shearman & Sterling boosted trainee and NQ pay by a smaller amount last month while NQ salaries at White & Case jumped by 20 per cent.