Slaughter and May pegs salary for newly qualified solicitors at £150,000
The decision, though unremarkable in timing, signals a possible pause in the aggressive salary escalations witnessed in recent years.
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Slaughter and May has decided to maintain its newly qualified (NQ) solicitor salary at £150,000 during its latest spring review, following a significant increase last September that saw pay jump from £125,000.
The decision, though unremarkable in timing, signals a possible pause in the aggressive salary escalations witnessed in recent years. The firm had previously trailed behind its Magic Circle counterparts — A&O Shearman, Clifford Chance, Freshfields, and Linklaters — all of which raised their NQ pay to £150,000 as early as May 2024. Slaughter and May’s catch-up move in the autumn ensured parity, but the latest update keeps them steady for now, with room for a potential bump later in the year.
While none of the other Magic Circle firms have yet disclosed updates for 2025, all eyes remain on how they’ll respond to growing competition from US law firms in London, some of which are offering NQ packages up to £180,000.
The Financial Times interpreted Slaughter’s decision as a potential sign of cooling in the City’s battle for junior legal talent, citing reduced deal activity and rising salary costs driven by recent surges and global economic uncertainties, including effects of trade tensions under Donald Trump’s administration.
