New trainees at Baker McKenzie will earn more than the majority of graduates at magic circle firms following a salary boost.
First-year trainees at the international firm will be paid £48,000, up from £45,000, while second-year trainees will receive £52,000, up from £49,000.
Slaughter and May, Allen & Overy, Linklaters and Freshfields pay first-year trainees £45,000, £46,500, £47,000 and £45,000 respectively. Clifford Chance pays new recruits £48,000.
In July, Baker McKenzie increased its salary for newly-qualified solicitors by a hefty 23%. NQs now receive a minimum of £95,000, composed of a £90,000 salary and a £5,000 signing-on bonus. The basic salary was previously set at £77,000.
Baker McKenzie has also reported an 87% autumn retention rate. Of the 15 trainees who qualified in London 13 were taken on.
The firm’s training principal Arron Slocombe said: ‘Trainees accepted roles in both transactional and advisory departments, reflecting the growth of our firm and our ongoing commitment – through the development focus in our diverse and inclusive teams, top tier client experience, and also our salary increases this year – to attracting and retaining the best talent.’