As loyal readers of Above the Law surely know, this summer has seen a lot of cash go to a lot of associates. It all started back in June, when Milbank thrilled the legal industry by announcing raises for associates. Simpson Thacher got in on the action by not only matching the raises, but also handing out special summer bonuses. Then Cravath came over the top, beating salaries for senior associates. This trio of law firms worked in concert to create the standard to beat, and the rest of the summer has been spent figuring out which law firms can play in their league.
It seems the raise bug has bit more than just American Biglaw firms. Sure, we know the Magic Circle firms have gotten in on the action — for their U.S. associates — but there is also good raise news for attorneys practicing in the U.K. Taylor Wessing, a global law firm with over 100 attorneys worldwide, has announced raises for its newly qualified lawyers (NQs). They’ll be taking home £71,000 a year — that’s a 13 percent (£8,000) bump. Last month, the firm also announced starting salaries of £40,000 for first-year trainees and £44,000 for second-year trainees.
As reported by Legal Week, firm partners Kirstie McGuigan and Matthew Royle see the raises as part of a larger strategy — one that has 91 percent of the most recent trainee class sticking with the firm:
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“We’ve received such positive feedback this year on our trainee development programme, and recognition through a number of awards for the experience and support we provide. Our trainee ‘class of 2016′ is one of our latest success stories.
“They’ve all made a significant contribution to the growth we have celebrated in recent years and this increase reflects that. We’re also really pleased that so many of them are staying with us.”
The news comes on the heels of the firm’s “best year ever,” according to managing partner Tim Eyles. The firm posted a revenue high water mark of £301.5 million in the most recent financial year.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).