Herbert Smith Freehills has rewarded its trainees and associates with pay rises, which comes as surprising news given the uncertainty after Brexit. They maintained, “Our approach to reward this year has not changed as a result of the referendum…The vote will have no immediate impact on the firm’s operations other than any arising from general effects on the UK economy”. The Regional Managing Partner said of these salary increases, “These compensation packages reflect both the strong performance of the London office over the past 12 months and investment in the firm’s future.”
First year trainees will now receive £44,000, a 4.8 per cent rise from the £42,000 received last year, while second year trainees’ salaries will gain a 4.3 per cent boost from £46,000 to £48,000. HSF has not revealed the base salary for newly qualified (NQ) associates but stated that “high performing” NQs will receive a rise from £82,000 to £90,000. One post-qualified experience (1PQE) will receive £95,000, while 2PQEs and 3PQEs will receive £107,000 and £122,000 respectively.