Discussion Open:
This summer has once again seen significant salary increases for newly qualified (NQ) solicitors in the City.
However, a less noticed consequence of these attention-catching salary hikes is the compression of salary bands for those with one to five years of post-qualification experience (PQE). This effect can narrow the progression of pay across the career ladder in legal firms.
While many City firms openly share their starting salaries for NQs to draw in the best graduates, the salaries for more senior junior lawyers remain under wraps.
Several firms in the City have raised their compensation for NQs by up to 20% this summer to maintain competitiveness with their peers. However, it raises concerns about the ripple effects these increases have on the salaries of more seasoned junior lawyers.
Commenters on our platform suggest that the salary increments for different PQE levels are becoming less distinct, indicating a hesitancy among firms to grant proportionate raises to associates further along in their careers.
In an effort to shed more light on this issue, we encourage our readers who are junior lawyers to contribute their personal insights in the comments section. We aim to gather and share detailed information regarding salaries across various firms, teams, PQE levels, and including base pay and bonuses.
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