Linklaters has cut pay for newly qualified solicitors in response to economic pressure, in line with three of its magic circle rivals.
Solicitors qualifying this autumn will receive a salary of £90,000 per annum, plus a discretionary performance related bonus. In July 2019, Linklaters increased the total cash payable to NQ lawyers to £100k, comprising a base salary plus a discretionary performance bonus, with top NQ performers receiving above this.
Clifford Chance, Allen & Overy and Slaughter and May have already cut NQ pay, in a reversal of last year’s pay battle.
At Clifford Chance, total compensation for solicitors qualifying this autumn has been reduced to £94,500 including bonuses.
Meanwhile, Slaughter and May has reduced the baseline salary for lawyers qualifying this September by £5,000 to £87,000.
At Allen & Overy, solicitors qualifying in September will receive a minimum of £90,000, comprised of salary and a sign-on bonus, £10,000 less than last year.
Freshfields is the only magic firm not to announce a reduction in NQ pay, which rose to £100,000 last summer.