Newly qualified solicitors at Norton Rose Fulbright are the latest to face a cut in earnings as the international firm boosts salaries for more senior associates.
Solicitors qualifying in London this autumn will receive £82,500, down from last year's figure of £87,500. The firm said it is reinvesting the savings from this reduction to increase salaries for more senior associates who have been promoted to a new role this year.
A pay freeze announced at the start of April will remain in place for all those remaining in their current roles.
A spokesperson for the firm said: ‘Despite this reset of the NQ salary level, following changes to our own bonus scheme earlier this year, a NQ still has the potential to earn in excess of £100,000.’
Yesterday, magic circle firm Linklaters also announced a NQ pay reduction. Solicitors qualifying this autumn will receive a salary of £90,000, 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.
In another set of upbeat retention figures, Norton Rose Fulbright is taking on 20 of its 23 trainees (87%).