The seemingly relentless push by City firms to match each other’s wage increases has continued, with global firm Baker McKenzie hiking salaries for NQs by 23%.
Newly-qualified lawyers with the firm will receive a minimum of £95,000, composed of a £90,000 salary and a £5,000 signing-on bonus. The basic salary was previously set at £77,000.
The firm has also confirmed that NQs will be eligible for a further performance-related bonus, bringing their potential earnings to more than £100,000.
A Baker McKenzie spokesperson said: ‘We have raised our NQ package in line with the London market.’
The firm is the latest in a line of City heavyweights to increase packages to six figures for newly-qualified lawyers. The trend began with firms from the US coming to London and outstripping UK firms on salary, with the likes of Akin Gump, Kirkland & Ellis, Latham & Watkins and Debevoise & Plimpton all offering £143,000 to first-year lawyers.
Several England and Wales-based competitors have now increased their salary offers, including all five magic circle firms and the likes of Macfarlanes and Hogan Lovells.