NQ solicitor salaries rise at City law firms
updated on 07 August 2023
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City law firms Travers Smith LLP and Ashurst LLP have both revealed increases to the salaries of their newly qualified (NQ) solicitors.
NQs at Travers Smith will see pay bumped 5% from £105,000 to £110,000, with opportunities to earn as much as £130,000 with bonuses, while those at Ashurst will receive a 10% increase from £105,000 to £115,000, which will come into effect from 1 November 2023.
The boost in salaries comes as firms vie to remain competitive and attractive, with the NQ salary rise at Ashurst putting its pay in line with magic and silver circle firms.
Ashurst and Travers Smith are among other firms boosting NQ pay, including Baker McKenzie and Bryan Cave Leighton Paisner (BCLP). Earlier in July, LawCareers.Net reported that BCLP was awarding its NQ solicitors a £10,000 pay rise to £105,000, while Baker McKenzie’s NQs receive an £8,000 pay rise putting their salary at £118,000.
Trainee salaries at Ashurst are also on the rise from £50,000 and £55,000 for first year and second-year trainees, respectively, to £52,000 and £57,000.
Meanwhile, Travers Smith revealed provisional figures for the year to 30 June that show profit per equity partner matched last year’s figure of £1.1 million, with turnover growing by just 1% to £197.5 million. Edmund Reed, the firm’s managing partner, said the results “reflect the resilience that underpins” the business. Reed added: “Despite difficult trading conditions, we have continued our forward-looking investment, including developing award-winning technologies that will improve our client offering, a market-leading people proposition that reflects our values, and a commitment to a highly sustainable, new build premises in Stonecutter Court.”
