Key facts
- Mishcon de Reya has increased its newly-qualified (NQ) lawyer salaries to £110,000.
- The firm's NQ salaries saw a 10% increase.
- Salaries for first-year trainees were raised to £52,500 and second-year trainees to £57,500.
- These salary adjustments are effective from September for NQs and July for trainees.
- Additional bonus schemes were implemented to reward high performers and additional efforts, including the use of AI.
Top City law firm Mishcon de Reya has increased its newly-qualified (NQ) lawyer salaries by 10% to £110,000, effective from September, as the intense competition for junior legal talent continues. The firm also raised salaries for first-year trainees to £52,500 and second-year trainees to £57,500, effective from July.
Vanessa Dewhurst, chief people officer at Mishcon de Reya, stated that the firm regularly assesses its remuneration packages to align with growth and attract top talent. She noted that these increases, along with an additional bonus scheme, ensure competitive rewards for both financial and broader contributions that create long-term value.
The firm also introduced additional bonuses for associates, managing associates, and counsel, which are in addition to existing performance-based bonuses. These bonuses are intended to reward efforts, including the use of AI, particularly when clients require intensive support.
The ongoing pay war in the legal sector was initially sparked by US firms entering the London market. Mishcon's competitor, Quinn Emanuel, now pays its most junior lawyers £189,000, having raised its salaries in June. Most magic circle law firms now offer newly qualified lawyers £150,000, with Baker McKenzie and Macfarlanes recently matching this benchmark.