Newly qualified solicitors (NQs) at international firm Hogan Lovells can now earn up to £117,000 a year, following an annual salary review.
The baseline salary for the firm’s NQs has risen by £12,000 to £90,000. New associates are also eligible for performance related bonuses of up to 30%, meaning total annual compensation could reach £117,000.
Pay for first and second year trainees has also increased, to £46,000 and £51,000 respectively.
Several magic circle firms have upped NQ pay since the start of this year. Clifford Chance now offers a total pay package of £100,000, while Freshfields Bruckhaus Deringer offers £100,000 as a base salary. Last week, Slaughter and May also boosted its starting salary to a minimum of £100,000.
A Hogan Lovells spokesperson said: ‘We have increased salary bands for our qualified lawyers, effective from 1 May 2019. In addition, our total compensation reward model means that lawyers have the ability to earn bonuses based on the combination of their chargeable hours and/or a discretionary bonus for their other contributions.'