Mishcon hikes NQ pay to £110k amid City salary climb

Mishcon de Reya has boosted its newly qualified solicitor pay to £110,000 from £100,000 as early career salaries continue to inch up across City law.

Trainees will also earn £2,500 more a year, with salaries increasing to £52,500 for first years and £57,500 for second years.

The firm announced earlier this year that non-partners who work “significantly in excess of their standard expected hours” would be eligible for additional bonuses on top of the firm’s existing bonus scheme.

The firm said that the structure allows the firm’s lawyers to “find that balance that best suits their lives and circumstances” whether that be more work-life balance or longer hours.

“Each year we assess how to provide a remuneration package that aligns with the firm's growth and to ensure that we continue to attract the brightest talent in the market,” said partner and chief people officer Vanessa Dewhurst.

“These increases, along with the additional bonus scheme, ensure we can competitively reward both the financial contributions and wider contributions that create long-term value for the firm and clients.”

Hike season

Mishcon is one of several UK firms who have increased junior lawyer pay recently following increases by some of London’s US firms at the start of June.

This month, Macfarlanes and Baker McKenzie both raised their NQ salaries to £150,000 in line with the Magic Circle, and DLA Piper added an extra £10,000 to its NQ pay, which now stands at £140,000.

In June, Hogan Lovells also raised its NQ rate to £145,000 ahead of its July merger with Cadwalader. 

In context

Mishcon leaves behind a large number of firms that pay London NQs in the ballpark of  £100,000, including Fieldfisher, Addleshaw Goddard, Bird & Bird, Shoosmiths and Pinsent Masons.

Mishcon’s new salaries bring it in line with Squire Patton Boggs and Eversheds Sutherland, and just behind CMS, Simmons & Simmons and K&L Gates, which all pay £120,000.