Salary squeeze: What are City law firms really paying their junior lawyers?

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By Legal Cheek on

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It has been another summer of sizeable pay rises across the City for newly qualified (NQ) solicitors.

But the often unseen effect of these headline-grabbing uplifts is pay bands being squeezed further up the ladder, particularly for those between one and five years post qualification experience (PQE).

So while the vast majority of City firms will publicly disclose their NQ rates to attract top graduate talent, very few will reveal the earnings of junior lawyers at higher levels.

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A number of City firms have boosted NQ rates by as much as 20% this summer to keep pace with rivals, but questions remain about how these increases have impacted the pay packets of more experienced juniors.

Our commenters speculate that the incremental salary increases between PQE levels are being compressed, with firms apparently reluctant to provide commensurate rises to associates higher up the ladder.

So in a bid to bring a bit of clarity to the salary situation, we’re calling on our junior lawyer readership to share their insider knowledge in the comments below. The aim is to provide an overview by firm, team, PQE, and salary (base plus bonus).

183 Comments

HL

140k HL 2PQE

Anon

With 135k NQ? That’s horrible bunching

Anon

That’s not accurate. HL 2 PQE is £145k. It’s a 5k rise per year. However there is a 5k band, so “higher performing” 2 PQEs are on £148-£150, whilst “lower performing” 2 PQEs are £145k. My source is the fact that I’m a 2 PQE March qualifier at HL.

HL seniorassociate

HL 6.5 years PQE. 174k.

I billed 2,250 hours on average for the last 2 years. HL has to have one of the most opaque pay scales in the City with horrific bunching.

Senior associates are completely fed up and demoralised. NQ pay went up £15k. We didn’t get half that amount so the percentage difference between an NQ- senior associates decreased.

At least partner pay was up by 20% last year. We got a small (under £75) Marks and Spencers voucher from “all of the partners” as a Christmas present last year. Complete joke.

Curious_lawyer

What about bonus?

Anon

If you’re doing 2250 hours a year you really shouldn’t be wasting your time at HL. Move to a US firm and get double straight away.

Associate

170k HL 4PQE

Tired associate

Here we go 🍿

Curious

Any deets on Travers?

TS insider

1 pqe 124k
2pqe129k
3pqe 136k
4pqe 145k
5pqe152k

Lol

Change the 1 to a 2 on these figures and you still couldn’t get me to work at this sinking ship.

Interested observer

Given how many associates they’ve kicked out for trumped up fake reasons, I’ve shocked they couldn’t find budget to match Macs. Their PEP is likely to sky rocket given 15 percent of their partners have left in the last 12 months so mathematically it’ll look better.

Silver circle, prefer not to say which

£154k 3PQE

H

£185k (plus bonus) US London office

H

2PQE

Anonymous

Links:
NQ: £150k
1PQE: £155k
2PQE:£167.5k
3PQE:£177.5k
4PQE (MA): £191.5k
5PE (MA): £203.5k
5.5PQE (MA): £209k

Discretionary beyond 5.5PQE.

Yeah yeah

Damn I thought LL got 25k uplift at each band.

Anon

The uplift was £25k from the previous salary so – £25k from each of the above and you’ll have the old salary.

Plus, you must be deluded if you think the above figures aren’t great £££.

RIP Bingus

Are these just salary figures without bonus? If so, what’s the bonus? 🤔

Anon

It’s hard to give an average bonus as there are three categories but the exceptional bonus (for the likes of corporate and some finance practices like Lev Fin) is where the serious money is at.

Silks diner

The bonus in my team is anywhere between 20-55%. You could make more if you are in a team targeted by US firms.

Anonyme

Does anyone have more info on Links bonuses?

Alec

This watch costs more than your car. I made $970,000 last year. How much you make? You see, pal, that’s who I am, and you’re nothing.

You wanna work here? Close! You think I’m too hard on you? You think this is abuse? If you can’t take this, how can you take the abuse you get as an NQ. You don’t like it, leave. I can go out there tonight with the leads and materials you’ve got and make myself $15,000. Tonight! In two hours! Can you? Can YOU? Go and do likewise. If not, you’re gonna be shining my shoes. And you know what you’ll be saying – a bunch of losers sittin’ around in a bar? ‘Oh yeah. I used to be an elite US associate. It’s a tough racket.’ I’d wish you all good luck, but you wouldn’t know what to do with it if you got it.

The GOAT

Your enemies are plotting your absolute destruction, they are not taking time off to “relax” DO YOU UNDERSTAND ME? I never waste a single mindful conscious SECOND.

Oz Barrister

Reminds me of a junior solicitor in my team, years ago, who asked me “ if I think about a matter while I’m in the shower, can I bill it?”….

K&E (EQUITY) PARTNER

The answer of course being “yes”?

MoFo Associate

Those downvoting this have missed the satire.

Great use of Glengarry Glen Ross!

Anonymous

Dechert – 145 NQ. 1 Year PQE – Still 145. 2 Year PQE 150

Quel est le feuck ?

Is that a joke, or is non-NQ pay due to be raised imminently?

Pad

2Pqe: £72k (plus 10% bonus) at the regional office of a City firm

Regional observer

What’s the point in your comment if you’re not gonna name the firm?

Nortons Trainee

Any info on NRF? Bonus level too and attainability?

Nortons Trainee No2

You can view the bonus structure on the intranet…

Wannabe NRF

You can – but this is for outsiders too. Please share on here.

US lawyer

£190,000 base paid in sterling at a non-Cravath US firm as a 2PQE. Bonus is at Cravath scale.

Give us the deets!

Which firm? And what bonus!

US Lawyer

Don’t want to dox myself so won’t name the firm.

As I said, bonus is at Cravath scale so it’s pretty easy to find those figures online for each year group.

Anon

How can you “dox yourself” on an anonymous forum with single posts?

Anon

They could feasibly be the only person earning that salary at that pqe

HL

165k 5 PQE

Hmm

That’s quite bunchy, was expecting higher.

speculative HL managing partner

What is HL bonus like?

Offshore

Offshore corporate firm (channel islands) – 125k 6Q. Given the tax difference equivalent of about 150k onshore.

Anon

Get back to the beach, tax dodger

sauce

Cayman, 4PQE, 195k, no tax or NI. 20% bonus, everyone gets it and others in team seem to have gotten 30%. There is collusion in the market and they haven’t increased much in last few years, but 165-180 is about right for a 3 at one of the top ones in busy team for good talent. I think my base translates to 280-290k sterling salary, but the pound has been very strong for last couple of weeks. Also health insurance here is v good. There is a small matched pension mandated by statute not worth talking about. You can opt out for first 9 months.

In other news, trying to be helpful, most US firms generally match Cravath for NQ, generally speaking afterwards it usually matched MC increases for each year of PQE, around 10k, sometimes 15k. It might have changed recently, I don’t know. I suspect that contributors can confirm or deny that.

SC Banking

Whats the realistic WLB? You must get emails with ridiculous turnarounds from onshore guys but I’m sure you have internal ways of managing. Thanks in advance

Sauce

It’s good. Better than city. You live 5 minutes from work, it’s an island so no real commute. But you can’t go into it thinking you’re coming for WLB, expect city hours and to work hard to establish your rep, especially at top 2 firms. The WLB and flexibility is there over and above the city. Everything is close.

I left out that everything in Cayman is very expensive. Biggest problem is school costs when kids are older. That being said, given the insane inflation in the US, surprisingly it isn’t that much more expensive generally. Many things about the same.

US associate

Most of the top US firms (KE, PW, PH, STB, Skadden, LW, Milbank, Cleary, Aiken) match at every level; so there is no bunching. Some do the FX every month and some fix it once a year. Class of 2016 associates in my firm are on about a £320k base.

Tell us more about Cayman though. It sounds like more money than top US firm (with a higher COL). I’m not from the Home Counties and have no desire to stay here forever and be another unhappy divorced US partner. About to hit 4 PQE and thinking a few years earning this money on the beach would be nice… do you have any intel on the bands at top Cayman firms? Does everyone play tag rugby and Pickleball after work? Suppose you’d miss the theatre and food scene in London (and general ‘glitz and glam’ BS).

I don’t think legal cheek spends enough time on Cayman. I’ve heard it described as the graveyard of careers, but the City is the graveyard of happy families IMO.

Wowza

Holy sh*t you’re living good. What do partners make?

Cayman

Top EPs at the big 2 (M/W) will be making comparable gross to K&E/US firms (if not more). The partners own both the law firm and the fiduciary business (and the registered office business).

They are probs on US$5 – 10 m. Remember there is 0% tax.

Top associate salary and bonus here (assuming partner track) is around US$350k.

As the above mentioned, salary hasnt increased much in recent years due to how small the market is here. The 0% tax does mean our net equivalent to UK is huge.

Hard to discuss associate salary too much. I can probs guess what firm/team sauce is on just from those numbers…

Anon

Did you move laterally from city to the Cayman? If so, how was your experience recruiting in the Cayman?

HL

159k HL 4PQE

Kirkland NQ

The ‘land: A king’s ransom.

KC

Shutup, you swine. I make your salary and bonus for a weekend’s draft.

Anonymous - CMS

It was 131 (Corporate) or 115 (non Corporate) at 3 PQE with crap pension matching and crap bonus scheme (read – basically hardly anyone gets a bonus/a bonus of any significance).

Anonymous

I’m at 115k 0.5pqe (non corporate)

Cubic Centimetres

Do they at least throw in a packet of hula hoops with that bunching?

CMS regions?

Anyone have figures for the regions/Scotland?

anon

CMS is 70k for an NQ in Bristol

CMS Regions?

Is that for NQs in September?

Shiny shoe-smiths

NQ: £90,000
1PQE: £91,500
2PQE: £93,750

I don’t know above that – apparently there are “bands” but it is shrouded in secrecy. The salary reviews each year appear to be entirely discretionary – the above is therefore anecdotal and may be different for others at the above levels.

Shane

I think those bandings are not right, as bandings up to 4PQE are below the £94k mark

Not-so shiny shane-smith

May I refer you to the qualification in the above comment, regarding the anecdotal nature of this salary banding?

If your information is different to this, please share it – that is, after all, the very purpose of this thread.

NRF Associate

NRF 4PQE – £135k

Billy the bonus bandit

Do you get a bonus?

P Swayze

Yep, the bonus is a trip to Houston to mop the floors of oil refineries for clients.

100 Bishopsgate

US – 5 PQE – £280k

Curious

Is that including bonus?

22 Bishopsgate

US 5 PQE – £281K base. Cravath, fixed this year @ $1.30. Hoping that goes to 1.27 or 1.25 at Xmas (I think STB, Latham and some others that don’t update FX every month are at those rates).

MB

2 PQE – 156K. pay review this/next week. watch this space.

Depressed Shed

NQ: 100k
1PQE: 103k
2PQE: 105k
3PQE: 108k
4PQE: 115k
5PQE: 120-125k.

Hours bonus:
5% for 1600
7.5% for 1700
10% for 1800

Anon

Wow. Spending your first 3 years as a solicitor within 5k of an NQ salary is wild. The amount of experience / responsibility you get within that period, all for 5k

Shite

You think this is bad, the regions are £1-2k per PQE until 4/5 PQE…

MB2

Finance or something else?

MB1

Finance

Cv

She’s is on 95k not 100k what you on ?

Cxx

Shed is on 95k, not 100k what you on?

Dreaming of leaving ES

Eversheds is 100k for September ’24 NQs, 95k was the September ’23 NQ rate.

Anon

Any sign of trainee salary increases ?? Feels like NQ is the focus and all else ignored!

Slaughters and May thread

3 PQE: 150k; bonus (same for all 3 PQEs) paid twice a year, first tranche paid in June: £10,750

??

Any other insight from SM associates?

lol

2.5PQE: £141,500. Bonus (same for all) paid twice a year, June amount being £9,000.

Multispecialist Grunt

5PQE: £176,500. Bonus (same for all) paid twice a year, June amount being £13,750.

Charles Russell

NQ 97.5k
1pqe 99k
2pqe 101k
3pqe 104k
4pqe 108k

Above this it is discretionary

Ex CRS

Charles Russell paid £85k on NQ earlier this year (increased from £68k in 2022). No way they’ve upped it from £68k to £97.5k in the space of two years.

CRS

Went up in June stop being so salty now you’ve left.

Actual CRS

No, it didn’t. Pay reviews are happening in August. Plz stop with these lies.

Actual crs

Yes it did you trolling fish breathed punk

H

I also left CRS recently. It was about £95k for 3PQ. But different parts of the firm (really TT&S against “the rest”) got paid at different levels which was also nice. It’s all one of the reasons that some many people have left, or are leaving…

SC Banking

Ashurst, Simmons, DLA – curious to know the WLB and comp between the three.

DLAyed

Ashurst > DLA > Simmons for comp (and for banking/finance practice groups if that’s your area).

Simmons > DLA > Ashurst for WLB (but the difference between the 3 is largely negligible).

SC Banking

Cheers mate. What are your hours like? Understand the signing / closing peaks are immutable between any reputable firm but I’m wondering if smaller firm –> midmarket clients or smaller deals –> less frequency of peaks

Intapp

Midmarket clients and smaller deals are more frequent, but yes, the peaks and troughs are perhaps flattened, compared to the firms like Ashurst who do upper-mid market deals + (relatively) often do upper market deals opposite firms like A&O Shearman (in LevFin for example) which are less frequent but the pressure is ramped up and peaks/troughs are more volatile.

Expect 9am-7:30pm in troughs and 9am-11pm in peaks (with early morning (2am) finishes when it really gets going) in the latter sort of firm.

Finance lawyer

I’ve heard Simmons has terrible WLB (and the timings of some of their emails to me would suggest likewise)

Someone with a big SIPP

CAN WE GET A PENSION CONTRIBUTION THREAD??????

Pension contributions are a great way to build wealth so the level that firms contribute is awfully important.

What % does your firm match/contribute? Is it just on qualifying earnings or entire salary.

This is important info for HENRYS!

SIPPing away

DLA is 8% contribution if you put 6% in at Senior Associate and above

Sipping the legal aid

Hello DLA SA!

Is the contribution 8% of your entire salary?

Is the contribution the same for all levels PQE?

IMO people really need to factor in the pension your firm offers as it could be thousands a year in retirement.

Hard life being a HENRY

Anonymoose

Milbank only contribute the statutory minimum (c£110 a month) for all lawyers…

fattestSIPP

Damn that contribution sucks – at least the base is big I guess!

Anon

Dentons match 5%

Addleshaws regional 3PQE

£74k plus (fully discretionary) bonus which last year was circa 10%

S

10pqe regions £83k

Anon

Not sure I believe that. There nq rate is 62k so that would mean 4k a year and its normally around 2k. More realistic for 3pqe us 68k unless you’re a lateral hire. They would only pay 10% bonuses for highest performing

Anon

Any insight on current numbers at BCLP?

Midwestern firm

£10 uplift at each year PQE, and a bonus of a subscription to Property Week.

Anon

Any current numbers from BCLP?

Bob

CC 7 PQE – total comp c. 350k, with about 40% of that being bonus.

Don’t want to give exacts as it may out me …

Interested Party

How many hours do you need to do to get a 40% bonus?

6pqe MC+US

Based on my math Bob:

CC 7pqe base = £210k (+ a discretionary 40% bonus of £140k, giving a total comp. of £350k).

I must say, I expected better on the base from CC (presuming you are a SA) given that A&O SA entry level base (which can being from 5pqe) is £205k.

Bob

Bigger bonus, lower base. Yes, SA. Total comp for those that get big bonuses is impressive, but for those that do not the base is not great.

Shed regions

1 PQE: £63k
2 PQE: £66k

d

Any insight into White & Case?

Steven

Anything on Kennedys?

NQ

Disgusting salary bunching – ick.

Love the less than 5% increase between PQs from some commenters. NQ (i.e., an actual chimp) and 5PQ separated by something like 15k.

H

Any insight on Baker? Travers? W&C? A&O?

Danielson

Any insights in to Mishcon De Reya and Addleshaw Goddard?

A

Clydes??

Wishy washy

HSF 5 PQE???

Middle East

GCC Office of MC firm – 115k 1 PQE. No tax.

Equivalent to just under £200k sterling.

Curioso

Thanks. I had an offer as for 40k a month ie 106k in 2021 from a SC in GCC. So surprised at this. Do you know what the increases are like through the bands?

Patriotic American

Is GCC Saudi?

Does anyone know if any US firms pay Cravath in Dubai/Saudi? I presume they must, because US associates would have to pay tax to Uncle Sam in any event…

Ej

They don’t in UAE. I commented below as Gandalf.

Anon

Not a great deal given 1PQ MCs in London now getting £160k. The difference would have to be at least double net to make it worth it moving to the gulf.

Big 4

Anyone can disclose salaries from Big 4?

. . .

PWC NQ £90K

HL

HL 2PQE – £145k. Bonus £40k
Know of people at the same level on £151k but lower bonus

Horky

Latham 5th year – 350/60k all in. 1900 hours (incl. unlimited pro Bono and 50 hours of KM).

4PQE

This is an alarming amount of money for a 5th year. Absolutely delicious.

I’m moving to Latham.

Anon

Milbank – Cravath scale with 1.31 exchange rate this year. So for $225,000 (NQ) it’s £171,755 plus bonus.

Anon

What do bonuses look like as an NQ?

Milbanker

The rate is 1.32 this year. I guess you’re a trainee, or don’t actually work at Milbank.

anon

Any insights on Sidley?

Orrick?

orrick?

Dentons

Dentons NQ is 95k and 6PQE about £130k.

Averages about £5k between PQE but less between NQ-2 PQE. i.e. £98k for 1 PQE with a little more attributed higher up the ladder.

Lots of talk about wide bands but high performers still basically moving in lock step.

Anonymous

Any insight into GCC offices of US firms

Gandalf

I have limited insight. They don’t pay Cravath and they vary, and sometimes it is negotiated by how much are you on in London etc. I heard 130-135k range for a 3PQE from one of the smaller ones last year. A more prominent one would likely be higher, but not much. There are charts published by a recruiting firm, they pay more than MC, but not crazy more, although obvs that is tax free. Also FYI Bakers, if you label that US, would be less than MC, more like SC pay – so below 130k for a 3, probably closer to 120. I am guessing based on informed conversions I’ve had. Hopefully someone with better knowledge than me can come along.

Anon

I know Latham pays Cravath out there

Anon

RPC Bristol

NQ -2/3 Years PQE 56-60k

3 years PQE to senior is banded 60+ upto 70.

Bonus Is minimal

Would be interested if anyone knows what their competitors are paying: clydes/kennedys/keoghs/CMS

Curious

Anyone know what the senior banding is?

lol

Utterly embarrassing

anon

CMS is 70k for an NQ in Bristol

Squibble Ratton Coggs

Silver circle, 4PQE, my salary is 10k above our NQ pay.

SC

Which SC though? Being vague isn’t helpful at all

^^^

Check OP’s name

Squibble Ratton Coggs

Ashurst

Curious

Insight into Simmons please

CC insider

Clifford Chance (some numbers below are extrapolated) – 100% sure of 6PQE rate

NQ 150k
1PQE 155k
2PQE 160k
3PQE 165k
4PQE 175k
5PQE 180k
6PQE 190k

Essentially each band got a 15k hike, but they also held back the usual PQE increase in max bonus so probably total comp for PQE levels above 3 did not change at all (might even have decreased)

CC Insider 2

Yes but important factoid – senior associates can get 80% bonuses.

Anon

“Can” being the imperative word. If you want to ruin your life for a year you’d still get more for it at a US firm.

12345

You only need 1900 hours to get the maximum, though. Not quite life ruining.

Anon

1900 hours get you 80% bonus? Are you sure.

Nona

I earn the same at 4PQE at Macs + 18% bonus this year

Koolaid

To add to this, it caps out at £210k at 8PQE.

In real terms everyone working long hours got a pay cut (through smaller bonuses) and everything working short hours got a 5-15k base rise.

The PE team has a separate pay scale closer to Cravath.

Hello

Total compensation maxes out at closer to 400k though with bonuses. Allegedly PE and non-PE total compensation maximums are the same, with PE just being higher salaries lower bonuses, but who knows if that is true.

5PQE SPB

£122k 5PQE at SPB. Not corporate/tax/data privacy.

No bonus unless hours target is exceeded (1600) and then 1% base salary for every 16 chargeable hours worked over 1600.

Technically there is a discretionary scheme but rarely awarded.

Commiserations

That’s a joke. Salary bunching. And the bonus as well is just insulting. 1600 hours doesn’t result in an actual bonus. Do 1800 and you’ll get 10k, 60% of which will be taxed in your brackets. If I worked 1800 for a 4k net bonus, I’d rather instead they fired me and allowed me to look for another job, because clearly I would have lacked initiative to have put myself out to market before then. The firm is really the punchline in the city.

Sad SPB

4PQE at SPB, 110k. Can confirm the bonus, a total joke. Brought up the bunching to a partner and was told to appreciate what I have.

help

pls tell us this is regional and not ldn

WM Leeds

Walker Morris Leeds

NQ 61k

1pqe 63k
2pqe 65k
3pqe 67k

Discretionary after that.

Plus easily achievable bonus (starts at 1350 hrs) Most associates pick up 10-15% but some are getting 25%.

This was just slightly below market for Leeds “big six” but DLA bumping to 75K for NQ’s has gotten everyone’s attention – so we’ll see what uplift we get in the autumn.

Anon

Any info on Shoosmiths in the regions?

Wow

Some of these low/bunched numbers blow my mind. I left a US firm to go in-house at 5PQE, £155k, contractual 40% bonus, 3% pension with a 9% employer contribution, stock options… and absent an occasional emergency, very much a 9-5

Anon

What sector do you work in?

Wow

VC/growth

Ask & You Shall Receive

Anyone have details on SPB in the regions ?

Curious

Freshfields?

Zxxz

Any insights on ropes? and on cayman? Just like someone else mentioned, we need more info on caymans

Anon

Anyone have any details on Osborne Clarke London?

PM London

PM Associate 9PQE (litigation) – £125.5k.

Dissatisfaction growing daily amongst teams at how out of step they are with the market.

Clydes Slave

*Cries in Clydes*

RPC London SA 6PQE

111k

Baker McKenzie

6PQE SA £166k

TW

NQ £115k
5PQE £127k

OC London 6pqe

128k

US PE

4PQE, £245k

US associate

That is horrific bunching

OC London 3PQE

£103K base

City trainee

What’s bonus like?

OC Bristol 4PQE

£76k

Mr Curious

Fieldfisher anyone?

Anonymous

Anyone know K

Anon

Does anyone know Russell-Cooke’s NQ salaries? They do not disclose them… I’m not sure why…

Associate at proper big firm

Any insight on DWF – they never report NQ salaries? I’m more curious than anything (i.e. just being nosey, as I would never want to work there).

Overworked Associate

We’ve only seen limited info on SM (2.5, 3 and 5 PQE) and no info at all on Freshfields and A&O Shearman.

Anyone willing to spill the beans?

Join the conversation

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