Baker McKenzie has increased its newly qualified lawyer base pay by 4.7% from £105,000 to £110,000, effective from July 1.
It is the second time the firm has upped NQ pay in under a year, having raised pay by 17% from £90,000 to £105,000 in December 2021.
All of the firm’s fee earners are also eligible to receive a discretionary bonus on top of this base salary. In a statement the firm said its bonus scheme “aligns with the performance element of its strategy and is designed to recognise and reward high performance and significant contributions to the firm”.
Trainees at Baker McKenzie,however, will not see a boost to their pay packets, remaining on their current rates of £50,000 for first year and £55,000 for second year trainees.
Baker McKenzie’s London managing partner Ed Poulton said: “The attraction, retention and development of our people is key to the success of our firm and is at the heart of our strategy.”
The firm’s decision shows the pay war for junior talent is still playing out, despite Allen & Overy and Linklaters announcing they would not up rates in the immediate future.
Baker McKenzie NQ’s will now take home more than their counterparts at both firms, who receive £107,500 in base pay. Akin Gump Strauss Hauer & Feld upped its NQ pay to £179,000 earlier in July, maintaining its position as the highest NQ payer in the City.