Magic circle firms have experienced widespread salary increases as part of the post-recession. rineca
Magic circle firms have experienced widespread salary increases as part of the post-recession, indicating that competition is intensifying for the best young legal talent. Clifford Chance has increased salaries by as much as 7.4 per cent, whereas Allen & Overy and Linklaters have increased some salaries by a slightly lower 5 per cent. For junior lawyers, Freshfields Bruckhaus Deringer has also increased salaries, skyrocketing salaries up to £135,000 for associates at the top with experience averaging at about six years.
Return to pre-recession salaries
The current trend of pay rises among London's top lawyers show a return to pre-recession times, and also hints at strong financial results from top firms around the city. Competition between US and UK firms are also becoming fiercer, as US firms are recruiting the best from the UK talent pool. US law firms are expanding their offices in London, and they are seeking talent within the city and offering top salaries.
Source: Legal Week