The pay rates made by the Magic Circle law firms in London have been rising steadily, lead by US law firms who have pushed the rates for newly qualified (NQ) lawyers way up.

However that is coming to a grinding halt as LInklaters announce a 10 per cent reduction in rates for their NQs, following firms like Clifford Chance and Allen & Overy.

None of which is to say that NQs in London will be in the poor house. Their rates still nudge or easily exceed the £100,000 level.

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