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Three prominent City law firms, Bird & Bird, HFW, and Dentons, have announced substantial salary increases for newly qualified (NQ) lawyers and trainees. These salary hikes come as a response to the competitive legal job market and the need to attract and retain top talent.
Bird & Bird’s NQ lawyers will now see their base salaries rise to £95,000, a commendable increase of just under 3% from the previous £92,400. The firm has also decided to enhance trainee salaries by around 4%, with first-year trainees receiving £47,000 (up from £45,000) and second-year trainees earning £52,000 (up from £50,000).
Following suit, HFW has implemented a remarkable 12% salary rise for its NQ solicitors, matching their counterparts at Bird & Bird with a new salary of £95,000. HFW’s trainees in London will also enjoy a salary increase of around 4%, starting at £46,000 in the first year and rising to £50,000 in the second year. The firm, known for its commitment to nurturing legal talent, typically offers 15 training contracts each year.
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Not to be outdone, Dentons has raised NQ salaries by approximately 3% to reach the £95,000 mark, making them equally competitive with their peers at Bird & Bird and HFW. Dentons‘ trainees in London will also receive a boost in their pay, with first-year trainees earning £48,000 (previously £46,000) and second-year trainees receiving £52,000 (previously £50,000). The firm, one of the largest in the world, offers 35 training contracts annually, further demonstrating its commitment to investing in future legal talent.
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NQ lawyers and trainees have warmly welcomed these salary adjustments across the three firms, as they reflect the firms’ recognition of the value and dedication of their junior legal professionals.
The upward trend in salary increases is not unique to these firms, as many other leading law firms have also raised their pay in recent weeks to stay competitive in the current job market. Firms such as Taylor Wessing, Travers Smith, CMS, Simmons & Simmons, and Ashurst have all made similar moves to attract and retain the best legal talents in the industry.
The recent wave of salary hikes is a positive sign for aspiring lawyers, indicating a healthy demand for legal professionals in the market. These adjustments are expected to enhance job satisfaction and promote retention rates among NQ lawyers and trainees at these firms.
With the legal industry evolving and becoming increasingly competitive, firms recognize the significance of attracting and retaining top-tier talent. By offering competitive remuneration packages, these law firms are positioning themselves as desirable employers and reinforcing their commitment to nurturing the next generation of legal professionals.
The new salary structures will take effect in September, providing an exciting opportunity for aspiring lawyers to join these leading law firms and embark on a promising legal career. As the legal landscape continues to evolve, these salary increases demonstrate the firms’ dedication to remaining at the forefront of the industry and fostering a culture of excellence and growth.
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