Tag: newly qualified solicitor

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How much do NQ solicitors earn?

The salary for newly-qualified (NQ) solicitors can vary significantly, but the two main things which will affect the amount you get paid are: 

  1. The size and type of firm; and 
  1. Location. 

Size and type of law firm 

The highest NQ salaries can be found at US firms. These are firms which are headquartered in the USA but have an office in London. US firms typically match their UK NQ salaries with what they pay solicitors of the equivalent level over the pond. Currently, the highest NQ salary in London is £179,000 a year at Akin Gump [LINK].  

Other US firms which pay high salaries are Latham & Watkins (£170,000), Vinson & Elkins (£159,500), Debevoise & Plimpton (£145,800), Cooley (£142,000) and Cleary Gottlieb Steen & Hamilton (£140,000). 

Next up are the Magic Circle firms. These are the largest and highest-grossing firms in the UK. Magic Circle firm Clifford Chance pays its NQ solicitors £125,000 a year.  

‘Silver Circle’ and other (often international) City firms are hot on the heels of the Magic Circle when it comes to NQ salaries. Bryan Cave Leighton Paisner pays £95,000 a year, Travers Smith pays £105,000 a year, Macfarlanes £107,500 and Norton Rose Fulbright £105,000. 

At a national firm or a boutique London firm you can expect to earn around £65,000 – £75,000 a year as a NQ solicitor. 

Location 

Perhaps unsurprisingly, the highest salaries are found in London. This is because many of the biggest firms have their main UK office in London, but is also because of London weighting. Higher rent, mortgage and living costs mean that salaries in London are slightly higher than in other parts of the UK. 

That’s not to say that you can’t earn a high salary elsewhere, though. In Bristol a NQ will earn £80,000 a year at Osborne Clarke or £60,000 at Burges Salmon.  

At national firm TLT, you can expect to earn £44,000 in Manchester and £30,000 in Belfast. 

This is only a selection of NQ salaries. Consult our remuneration table to see details of salaries at all Legal 500 Future Lawyers firms. 

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Ropes ups the ante in the City talent war with £130k NQ pay package

In a bold play for the Boston-bred firm, Ropes & Gray has increased its London NQ salary by 8% to £130k plus bonus.

The move means a notable uptick on the previous City NQ rate of £120k and present a boon for Ropes’ appeal to young lawyers at a time of internal transition and increasing competition in the market.

The firm also said it would be retaining two out of three of its London trainees who are due to qualify into its litigation and enforcement and data privacy practices in March 2020.

Ropes’ hike gives the firm a competitive edge with peers, with the US competition last year upping the stakes considerably. Skadden gave its London NQs an extra £15k to £133k, Milbank paid £132k, Sidley Austin £130k, Weil Gotshal & Manges £130k and Cleary Gottlieb Steen & Hamilton £120k.

Ropes’ training programme, which includes an international seat, has been running since 2011 and now hosts 14 trainees.

Mike Goetz, Ropes’ venerable London co-managing partner, retired at the end of last year, leaving corporate partner Will Rosen solely at the helm.

Since its London launch in 2010 the firm has promoted 15 lawyers to partner and 19 to counsel. Of its 124 London fee-earners, 46% are female and of its 23 partners, 48% are female.

Goetz had been a pivotal player in the establishment of the London office, along with the storied finance veteran Maurice Allen, with the pair defecting from White & Case in 2008 to spearhead the launch.

Last year Ropes promoted only one to partner in the form of private equity lawyer Elizabeth Todd, after a turbulent 2018 that saw four of its London real estate and restructuring partners axed in a refocus on its prized funds business.

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This article first appeared on Legal Business.