US law firm bumps NQ lawyer pay
updated on 12 August 2022
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Jones Day’s newly qualified (NQ) lawyers in London are set to receive a 27% pay rise, which will see their annual salaries reach £140,000.
The bump in pay surpasses those introduced among magic circle firms, including Freshfields Bruckhaus Deringer LLP and Clifford Chance, according to reports, and puts the firm’s NQ pay on par with US rivals Dechert LLP and Clearly Gottlieb Steen & Hamilton LLP.
The firm’s first-year and second-year trainees will also see their salaries bumped to £54,000 and £61,000, respectively.
The decline in value of the UK pound has been cited as a contributing factor to the hikes in pay being witnessed among firms. In July, it was revealed that salaries for NQ lawyers at Akin Gump Strauss Hauer & Feld will hit £179,000, following the firm’s amends to the exchange rate it uses to calculate London lawyer’s pay packages to reflect the weaker pound.
Meanwhile, NQ lawyers at Norton Rose Fulbright are set to receive a 10% pay rise, taking their annual salaries to £105,000. Pay rises of between 5% and 10% will also be given to the firm’s employees who are on annual salaries below £48,000 from 1 September in an effort to support them through the cost of living crisis.
