Macfarlanes has entered the competitive arena of newly qualified (NQ) pay by announcing a noteworthy salary increase to £140,000 from £115,000. This approximately 22% hike marks the largest percentage increase observed among leading law firms to date. For comparison, firms such as Quinn Emanuel Urquhart & Sullivan, Freshfields Bruckhaus Deringer, and Clifford Chance have implemented a 20% rise, raising their NQ salaries from £125,000 to £150,000.
The hike reflects a growing ambition among firms regarding compensation packages for newly qualified lawyers. For more information, you can access the complete article here.