Macfarlanes matches Magic Circle with £150k NQ salary

Macfarlanes has increased its newly qualified lawyer salaries from £140,000 to £150,000, matching the Magic Circle and leapfrogging over the rung of firms which pay £145,000. 

Trainees at the firm will also earn an extra £4,000 a year - first year pay has jumped from £56,000 to £60,000, and second year pay has risen from £61,000 to £65,000. 

The firm’s new trainee salaries exceed those of the Magic Circle, which pay £56,000 in the first year and £61,000 in the second year of training.

The new associate salaries are effective from 1 July. Trainee salaries will be effective from September.

The Magic Circle - A&O Shearman, Clifford Chance, Linklaters, Freshfields, and Slaughter and May - are the top-paying UK firms in the London market, with only US firms offering more to NQs.

Macfarlanes is now one of the six highest-paying UK firms in London, with Baker McKenzie, Hogan Lovells Cadwalader and HSF Kramer one step behind at £145,000. Ashurst Perkins Coie and Norton Rose Fulbright continue to pay NQs £140,000.

Competing for top London talent

Attracting and retaining top associate talent as a UK firm in London is a task made tougher by highly profitable US firms which now pay up to £189,000 for newly-qualified lawyers.

“We want to recruit highly talented and committed people to our firm and have them become exceptional lawyers with us over the long term,” said Macfarlanes managing partner Luke Powell.

“Our salaries support that and reflect our strong position in the market.”

While no Magic Circle firm has announced a hike so far this year, Hogan Lovells boosted its NQ salary from £140,000 to £145,000 ahead of its merger with Cadwalader which went live this week.