HSF hikes starting salaries in line with US trend, though trainee remuneration remains the same.
Following the pay hike of US associates, Herbert Smith Freehills has boosted the pay packets of London junior lawyers by 13 per cent to £93,000. The new pay arrangements came into effect last month.
Herbert Smith Freehills (HSF) has hiked the pay packets of its newly qualified (NQ) solicitors in London. New associates will get a starting pay deal of £93,000 (salary and bonus), up 13 per cent from £82,000. The move comes after HSF hiked US junior associatepay to $190,000 as part of a general trend of pay rises triggered by New York-based firm Milbank. Ian Cox, HSF’s regional managing partner, said ‘it is important for us to continue to attract and retain the best performers to deliver excellent client service. The new compensation system for associates enables us to drive high performance, reward the strongest individuals and helps us work with them to realise their full potential and fulfil their ambition.’
No change for trainees
Trainee remuneration remains unchanged, with first years earning £44,000, rising to £48,000 in year two. HSF associates with two years post-qualification experience (PQE) can earn up to £114,000 (salary and bonus), a rise of £7,000 or 7 per cent. The firm currently offers 60 training contracts annually.