Baker McKenzie Lifts London Law Pay, But Others Still Pay More
International law firm Baker McKenzie has announced a salary increase for its newly qualified (NQ) lawyers in London, raising their pay to £118,000, a 7% rise from the previous amount.
The increase allows Baker McKenzie to surpass rival firms such as Slaughter and May and Macfarlanes in London, but it still lags behind most of the Magic Circle firms. The salary hike it is considerably lower than what top US firms offer their London NQs, which can reach £165,000.
Despite concerns about the economic downturn and job cuts at other firms, the move suggests that leading firms in the UK are weathering the stagnant economy relatively well.
However, Baker McKenzie’s new pay rate remains below that of Hogan Lovells and the rest of the Magic Circle, who offer £120,000 and £125,000 respectively to their NQs. Trainee salaries at Baker McKenzie will remain unchanged at £50,000 for first-year trainees and £55,000 for second-year trainees. The firm emphasizes the importance of rewarding employees and maintaining an inclusive workplace.
