Baker & McKenzie has upped its salary ante after increasing both trainee and newly-qualified associate salaries. First seat trainees will now have top boasting rights in the City after the global law firm increased their pay to £42,000, which surpasses Magic Circle firms Freshfields Bruckhaus Deringer and Slaughter and May. The £3,500 hike in pay is still a stack or two lower than US firms within the City who are notorious for the hefty salaries they give to trainees and associates. However, they are now shoulder to shoulder with the remaining Magic Circle firms Allen & Overy, Clifford Chance and Linklaters as well as Herbert Smith Freehills and Jones Day. Second year trainees have also received a pay boost, which will see them taking home £46,000.
Salaries for NQ associates has climbed 8 per cent from £65,000 to £70,000, which brings them up to par with Herbert Smith Freehills, Hogan Lovells, Norton Rose Fulbright, Macfarlances, Slaughter and May and Travers Smith. No doubt that this will come as welcome news to current and future Baker & McKenzie lawyers who are now recognised as among the best paid in the City.