Tag: nq solicitor

Lewis Silkin tops trainee satisfaction table as Future Lawyers results reveal what junior lawyers value most

Lewis Silkin is home to the happiest trainees and newly qualified lawyers in the UK, according to the latest Legal 500 Future Lawyers research, with the employment specialist edging out a competitive field led by Howes Percival, DMH Stallard, Bristows and Bird & Bird.

The results suggest that, while pay and prestige still matter, junior lawyers place just as much emphasis on culture, leadership, flexibility and meaningful work when assessing their firms.

Lewis Silkin emerges as one of the standout performers across the survey, appearing near the top of multiple categories. As well as producing the happiest trainees and NQs, the firm also ranks among the employers most likely to be recommended by their junior lawyers, alongside Addleshaw Goddard, Howes Percival, Bird & Bird and Mills & Reeve.

The national firm also ranks in the top five for perception of senior leadership, workplace culture and camaraderie, client contact, and approachable supervisors.

“I wanted to work somewhere that put its people first, whilst also doing top-quality work for market-leading clients”, Lewis Silkin trainee.

US firms also came up trumps in the survey results; Sullivan & Cromwell juniors hold their senior leadership in high regard. The firm also ranks highly for the quality of work on offer, client contact opportunities and retention confidence.

Akin Gump earned a top-five spot for inclusivity, approachable supervisors and satisfaction with salary and benefits. Kirkland & Ellis, Morrison & Foerster and White & Case also ranked in the top tier for their reward packages.

“The best thing about the firm is the genuinely friendly culture – working hours can of course be long but, as a junior, this is definitely made easier when you’re working with seniors that are appreciative of your efforts and that are willing to teach. I find that I learn a lot because the people that are giving me work will always provide context beforehand, even during time-pressured situations, so that I am aware of how my contribution fits into the bigger picture.” – Akin Gump trainee

Regional firms also performed well. Howes Percival – which has a presence across East Midlands, East Anglia, the South East, and the North West – recorded top-five finishes across an array of categories, including happiness, employer recommendation, leadership, inclusivity, client contact and work-life balance.

The survey also highlights the importance of early engagement with potential recruits. Fieldfisher tops the rankings for vacation scheme, followed by Bird & Bird, Mills & Reeve, Addleshaw Goddard and Herbert Smith Freehills Kramer. The results suggest that positive interactions influence perceptions well before trainees join a firm.

Elsewhere, Hodge Jones & Allen, Covington & Burling, Akin Gump, Osborne Clarke and Macfarlanes earned recognition for their commitment to pro bono and corporate social responsibility initiatives, while the Crown Prosecution Service tops the rankings for retention confidence, ahead of Anthony Collins, Haynes Boone, DLA Piper and Sullivan & Cromwell.

The results paint a clear picture of what today’s junior lawyers are looking for. Competitive pay remains important, but the firms earning the highest praise are those combining strong leadership, engaging work, supportive cultures and genuine opportunities for career development.

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‘At the top of UK associate compensation’ – McDermott hikes London NQ pay to $225k

McDermott Will & Emery has become the latest firm to increase pay for London associates, raising salaries for newly qualified (NQ) associates to $225,000 as competition for talent among firms in the City intensifies. 

Effective from 1 January, the Chicago-headquartered firm will raise London associate pay from the current rate of £147,500 ($190,000), matching the so-called ‘Cravath scale’ for associate compensation, named after the elite US firm known for establishing salary benchmarks. 

Cravath Swaine & Moore’s latest rates, announced in November 2023, set NQ pay at $225,000, with $235,000 for second-years and $260,000 for third-years, rising to $420,000 and $435,000 for seventh- and eighth-years respectively. 

London managing partner Aymen Mahmoud (pictured) told Legal Business: ‘Our focus is on being the very best, and to do that we need to recruit and retain the very best. With this change, we think we are now at the top of UK associate compensation.’ 

McDermott will also match Cravath’s bonuses, but with adjustments that give associates the potential to earn even more.  

Mahmoud continued: ‘We already know our culture to be a key differentiator; now we have yet another. We are very excited about the future for our talented group of associates and seeing the greatness that they can achieve.’ 

While the conversion rate into British pounds varies from firm to firm, McDermott will now stand alongside other leading US firms such as Milbank, which offers an NQ salary of $225,000. Paul Weiss, Gibson Dunn, and Quinn Emanuel are also in this salary bracket, with starting salaries for newly qualified associates at £180,000 in London. 

While competition for top talent is fierce, the sustained pay increases for NQ lawyers have prompted much eyebrow-raising among the wider market. Hannah Benger, business director at Montresor Legal told LB: ‘The continual upward trend of premium US firm salaries invites the inevitable question – how long is it until the first firm announces a £200,000 salary for NQs? One assumes it will be soon.’ 

‘It’s important for the mid-market to really differentiate themselves in what they can offer their lawyers,’ Benger adds. ‘Vastly improved working hours, less intense expectations and highly flexible working policies are just a few options that would make them genuinely attractive to a lot of lawyers who might otherwise be tempted by the “big money” option.’

Salaries at leading US-headquartered firms continue to outstrip those on offer at the top of the UK market, with the biggest four Magic Circle firms recently increasing NQ pay to £150,000. David von Dadelszen, director at James Legal comments: ‘Big US firms seem to be able to reflect high NQ salaries up the bandings, but most UK firms can’t.’

‘Associates aren’t mugs – they read the press and speak with each other/recruiters,’ he added. 

In recent months, McDermott’s London office has experienced a wave of change. Alongside Mahmoud’s promotion to managing partner, private equity veteran Graham White has stepped in as London senior partner. The firm has also bolstered its ranks with notable laterals including debt finance heavyweight Chris Kandel from MoFo and private equity partner Fatema Orjela from Sidley. 

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This article first appeared on Legal Business.

Norton Rose enters associate pay war putting NQs in line for £114k paycheque

Top-performing newly qualified (NQ) solicitors at Norton Rose Fulbright (NRF) will be in line to take home up to £114,000 as the firm becomes the latest to increase its starting rates amid an escalating war for associate talent in the City.

NRF confirmed on 9 October a 9% rise to its NQ basic salary to £87,500 effective in January 2020, with bonuses of up to 30% on top of that.

A spokesperson said it was essential for the firm to ‘attract and retain high quality people’ and ‘ensuring our salaries are competitive is key to achieving this’.

NRF is the latest to confirm a six-figure pay package for NQs after Freshfields Bruckhaus Deringer in May announced one of the largest real-term pay rises in the City for a decade amid increasing pressure for associate talent from US rivals.

A few weeks after Freshfields raised its starting rate from £85,000 to £100,000 plus bonuses, all four of its Magic Circle rivals followed suit. Clifford Chance (CC) announced a £100,000 package including bonus at the beginning of June, matched by Slaughter and May, Allen & Overy and Linklaters shortly afterwards.

The competition widened well beyond the Magic Circle over the summer, with Ashurst announcing a 9% pay increase to £105,000 after firms including Macfarlanes, Travers Smith and Herbert Smith Freehills made similar moves.

In July, Baker McKenzie announced an eye-catching 23% increase to its starting rates to a minimum of £95,000, with performance-related bonuses bringing earnings to over £100,000.

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This story first appeared on Legal Business