Baker McKenzie has increased its newly qualified lawyer salary from £145,000 to £150,000, matching the Magic Circle.
Earlier in July, Macfarlanes became the only firm outside of the elite UK group to pay £150,000, the highest salary paid by UK firms in London.
Baker McKenzie has added £5,000 to its newly qualified lawyer salary, matching the Magic Circle at £150,000.
The change took effect from 1 July. Trainee salaries remain unchanged at £56,000 for first year trainees and £61,000 for second years.
The move follows Macfarlanes’ announcement in early July that it would be increasing its new lawyer pay by £10,000 to £150,000, becoming the only UK firm outside of the Magic Circle to match that level.
The elite group of London firms - A&O Shearman, Clifford Chance, Freshfields, Linklaters and Slaughter and May - all pay £150,000 and have been the highest-paying major UK firms in the City, beaten only by US firms which pay up to £189,000 for NQs in the City.
Baker McKenzie leaves behind transatlantic firms Hogan Lovells Cadwalader and HSF Kramer who both pay £145,000 to NQ solicitors. Freshly merged Ashurst Perkins Coie and Norton Rose Fulbright continue to pay £140,000.
The five Magic Circle firms are yet to announce any changes to their associate pay scales this year.
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