City firm Hogan Lovells has bumped up newly qualified lawyers’ salaries to £70,000, joining magic circle firm Slaughter and May at the top of the league for young lawyer pay among London-based firms.
Following an annual salary review, newly qualified lawyers at Hogan Lovells will enjoy a £5,000 (7.5%) increase on the previous year, while trainees’ pay packets will grow as much as £1,500.
Rates for trainees will increase to £41,000 for first-year trainees, compared with £39,500 last year, while second-year trainees will earn £46,000, an increase of £1,000.
Slaughter and May was the first firm to announce its salary review at the end of April, increasing pay for newly qualified solicitors to £70,000, with solicitors of two years’ post-qualification experience getting the biggest wage hike, from £79,000 to £87,000.
Freshfields Bruckhaus Deringer was the highest-paying magic circle firm for junior lawyers in 2014, with newly qualified pay at £67,500. The firm has yet to announce its salary bands for the new financial year.