Norton Rose Fulbright and Ashurst have both announced pay increases for junior lawyers.
Newly qualified (NQ) lawyers at Norton Rose will now receive £75,000, up 4% on last year’s figure of £72,000.
The new rate brings the firm in line with Macfarlanes and Travers Smith, both of which have also boosted NQ pay to £75,000 for 2017-18.
First year trainees at Norton Rose will now be paid £44,000, up 5% from £42,000, while second years will be paid £48,000, up 2% from £47,000.
The salary rises come as Ashurst has also announced salary boosts for junior lawyers, with NQ pay up 3% from £70,000 from £72,000.
First year trainees at the firm will now be paid £42,000, a £1,000 increase on last year. The new salaries take effect as of 1 May.
Ashurst has also announced that it will retain 95% of its qualifying trainees this September. The figures are Ashurst’s best retention results since spring 2014, when the firm kept 96% of qualifiers.
A number of other firms have confirmed their 2017-18 associate pay rates in recent weeks, with Herbert Smith Freehills and CMS holding London trainee and associate salaries at the same levels as last year.
At HSF, which rolls bonuses and base salaries together, total compensation for high-performing NQs ranges from £82,000 to £90,000, while high-performing lawyers with one year’s post-qualification experience will receive between £87,000 and £95,000.
At CMS, City NQ lawyers will continue to receive last year’s rate of £67,500, but the firm has introduced a series of salary increases across its other offices in Bristol and Scotland.