Magic Circle law firm Linklaters has raised its newly qualified (NQ) salary to match its fellow competitor Freshfields as the junior pay war battles on.
The law firm has upped its salary for its junior lawyers from £125,000 to £150,000 annual base pay, effective from 1 May .
Commenting on the move, Paul Lewis, Linklaters managing partner said: “We are committed to rewarding our people competitively in our market. Our salary changes reflect this and enable us to attract and retain exceptional lawyers to provide the highest quality service to our clients.”
This move comes after fellow magic circle firm Freshfields increased its NQ salaries to £150,000 earlier this month. That move was in the same week as legacy magic circle firm Allen & Overy (A&O) officially merged with US firm Shearman & Sterling to formally make A&O Shearman.
This now leaves the other magic circle firms, Slaughter and May and Clifford Chance, lagging behind on £125,000. Even A&O Shearman, now one of the largest law firms in the world, has yet to move up from £125,000.
The elite English firms are still lagging behind the US law firms in the City. Last week, it was revealed that Emanuel Urquhart & Sullivan has hiked the salaries of its NQ London lawyers to £180,000.
Quinn joined fellow US firm Gibson Dunn, which pays its London NQ £180,000 a year.
Speaking to City A.M. earlier this week, Christopher Clark, director at Definitum Search said it’s likely to be just weeks before the top US firms raise again, most likely to £190k/£195k.