Magic Circle salary increases Watch
Given the recent salary boosts by the US firms, can you see the MC paying £100k+ to NQ lawyers?
If you count bonuses, they are around the mark already.
From a basic salary, probably not right now. If it did happen it would be around a 60% increase in less than 5 years. There have been significant jumps in the last 12 months, meaning it's less likely to happen again anytime soon.
However if firms save a load of money not having to put trainees through the LPC in the near future, that saving could be passed on to NQ level, especially if trainee salaries stagnate/drop which might happen with the SQE proposals.
Posted from TSR Mobile
We propose that in order to be admitted as a solicitor, individuals would need to pass a new centralised exam, called the SQE. This would be divided into two parts. The first stage would test a candidate’s ability to use and apply legal knowledge and the second stage would test legal skills. In addition to passing the SQE, new solicitors would need to:
- hold a degree, apprenticeship (or equivalent)
- have undertaken a substantial period of workplace training (probably 24 months, certainly no less than 18 months
- meet our character and suitability requirements.