Allen & Overy has increased pay for its trainees, after it upped its newly qualified (NQ) associate pay packages earlier this summer.
The Magic Circle firm will now pay first-year trainees £46,500 – an increase of £1,500 from £45,000.
Second-year trainees will see a slightly higher increase of £2,500 to hit £52,500 in pay.
The firm has also announced a trainee retention rate of 89%. Some 40 trainees out of 43 were offered positions, with 39 accepting.
This week, A&O’s Magic Circle rival Freshfields Bruckhaus Deringer also announced its retention figures, with all those who were offered NQ positions – 38 out of a cohort of 41 trainees (93%) – opting to stay with the firm.
In June, A&O announced its NQs will take home a minimum of £100,000 a year after it increased the available pay package, which includes salary and discretionary bonus rates.
