Global firm Norton Rose Fulbright is offering newly qualified solicitors up to £114,000 as associate salaries continue to soar.

The base salary for the firm’s NQs will increase by almost 10% from £80,000 to £87,500, effective from 1 January 2020. However, boosts to bonuses mean that new associates can earn up to £114,000 a year.

A spokesperson for the firm said: ‘At Norton Rose Fulbright we strive to maintain a culture that values each individual’s contribution. It is essential that we attract and retain high quality people; ensuring our salaries are competitive is key to achieving this.’

This year all five magic circles firms increased NQ pay to at least £100,000, and Macfarlanes swiftly followed suit. Meanwhile, Baker McKenzie boosted its associate pay packet by a hefty 23% to a minimum of £95,000.

One cause of the upward pressure on NQ salaries is competition from the London offices of big-spending US firms. Of the 54 corporate members of the City of London Law Society, 19 are now US-based, society chairman Edward Sparrow said this week.