Allen & Overy has grow to be the most recent Magic Circle agency to announce pay will increase for its trainees and newly certified associates (NQs), alongside a barely diminished September 2018 retention fee.
The wage for NQs has risen to £83,000 from £81,000, whereas second yr trainees can now anticipate to take house £50,000, up from £49,000. First yr trainees will earn £45,000, in contrast with the earlier £44,000 wage.
A&O has held onto 37 of its 46-strong consumption this yr – or 80% – having supplied jobs to 40 trainees. The share is barely down from final yr when the agency saved 85% of its consumption of 47 trainees.
On the trainee retention determine, A&O graduate recruitment companion and coaching principal Claire Wright stated: ‘This can be a good outcome and one which demonstrates the constantly top quality of the trainees right here at A&O. We’re lucky to have such a powerful pipeline of gifted younger attorneys and I look ahead to seeing their careers develop and progress.’
Final week, Clifford Likelihood (CC) stated it could improve compensation for NQs to £91,000, up greater than four% from £87,300 final yr. It additionally raised trainee pay by four%, with first-year salaries up from £44,800 to £46,600 and second-year remuneration elevated from £50,500 to succeed in £52,500.
In the meantime, Freshfields Bruckhaus Deringer has saved its NQ wage at £85,000 however elevated its trainee compensation. First yr trainees will take house £45,000, up 5% on final yr’s wage of £43,000, whereas second yr trainees will earn £51,000, a 6% improve on final yr’s £48,000.
Slaughter and Could can pay first yr trainees £44,000 and second years £49,000.
The wage will increase come on the again of a reasonable yr of progress for the Magic Circle in 2017/18, however their financials didn’t make as a lot of a splash because the earlier yr’s efficiency.