Macfarlanes has raised salaries for its newly qualified lawyers from £140,000 to £150,000, in a move that sees it match the Magic Circle at the top of the pay scale for UK firms.
The increase, effective 1 July, means the firm has left behind Ashurst Perkins Coie and Norton Rose Fulbright which continue to pay their NQs £140k, according to Legal Cheek. It has also leapfrogged Baker McKenzie, Hogan Lovells Cadwalader and HSF Kramer, all of which pay £145k.
As of 1 September, Macfarlanes' trainees will also earn an extra £4k per year, with first year pay increasing from £56k to £60k and second year pay from £61k to £65k – more than the Magic Circle, which pay £56,000 in the first year and £61,000 in the second.
Luke Powell, managing partner at Macfarlanes, commented: "We want to recruit highly talented and committed people to our firm and have them become exceptional lawyers with us over the long term. Our salaries support that and reflect our strong position in the market.”
Despite the raise, Macfarlanes and the Magic Circle firms – A&O Shearman, Clifford Chance, Freshfields, Linklaters and Slaughter and May – are nowhere near the top of the London market, which is dominated by Big Law firms that benefit from being anchored in the lucrative US market.
An elite group including Davis Polk & Wardwell, Paul Weiss, Gibson Dunn and Davis Polk & Wardwell dish out £180k, while litigation powerhouse Quinn Emanuel pushed itself to the top of the market last month when it announced it would up pay for its London NQs to an eye-watering £189k.
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