Linklaters is the last magic circle firm not to offer newly qualified solicitors (NQs) a six-figure salary after Allen & Overy boosted pay rates yesterday.
Allen and Overy announced that NQs will receive a minimum of £100,000, comprised of base salary and a sign-on bonus. Associates, who previously received £83,000, are also eligible for a discretionary bonus.
A spokesperson for the firm said: ‘We have always been committed to rewarding our people fairly and competitively.’
Allen & Overy is the fourth magic circle firm to offer associates a six-figure pay package since the start of the year. Clifford Chance NQs now receive a total 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.
International firm Hogan Lovells has followed suit, and will pay associates up to £117,000 a year following an annual salary review. Linklaters, however, is yet to indicate that it intends to boost its NQ pay package.
US firms keen to attract UK talent are fuelling the competition. Akin Gump, Kirkland & Ellis, Latham & Watkins and Debevoise & Plimpton all offer £143,000 to first-year lawyers, while Davis Polk & Wardwell and Sidley Austin both offer in excess of £100,000.