Law Firms

Macfarlanes increases NQ salaries and Autumn retention rate

The firm will also be increasing base salaries for both newly qualified (NQ) solicitors and trainees, with first years trainee salary rising to £48,000, second year’s to £52,500 and qualification base salaries growing to £90,000

Macfarlanes LLP has announced that it will be retaining 22 of its 25 trainees qualifying this September, giving the firm an 88% autumn retention rate.

The firm will also be increasing base salaries for both newly qualified (NQ) solicitors and trainees, with first years trainee salary rising to £48,000, second year’s to £52,500 and qualification base salaries growing to £90,000.

In addition to the base salary, the firm also revealed that fee earners all share in an uncapped firmwide bonus (this year paid at a level of 9.78% ignoring special covid bonus payments) and are eligible for individual bonuses (which are not geared to hours worked).

The group also expects that its newly qualified solicitors will earn in excess of £100,000 this financial year taking into account all elements of their package.

Jat Bains, graduate recruitment partner, said: “We’re delighted to have maintained our consistently high retention rates for another year. This has been an uncertain period for many but we have continued to invest in our trainees, knowing that an investment in our trainees is an investment in the firm’s future.”

Catherine Morgan-Guest, graduate recruitment and trainee development manager, added: “It is always rewarding to see our trainees choosing to develop their careers with us. We look forward to seeing this new cohort progress through the firm in the years ahead.”

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