When Freshfields became the first U.K. firm to announce a pay hike for newly qualified (NQ) associates to £100,000 in May, there was some doubt as to whether the rest of the Magic Circle would follow suit. Fast forward just two months, and 13 other firms – including all of the Magic Circle – have raised their NQ pay.
Pay rises that have come from firms in the last week include Travers Smith, Stephenson Harwood, and Simmons & Simmons. Firms yet to have made an announcement regarding pay rises, but whose competitors have increased salaries, include CMS and Bryan Cave Leighton Paisner, with spokespeople for both firms saying that internal discussions about the subject are still ongoing.
