Global firm Baker McKenzie will increase starting salaries for newly-qualified solicitors in its London office to £118,000, intensifying the war for legal talent in the capital.
The company said that the new starting salary would be effective from 1 July, an increase of 7% from £110,000 last year.
This means it will overtake rivals including Macfarlanes and Slaughter and May, who both offer £115,000 per year to newly qualified lawyers. Magic Circle firms Allen & Overy and Linklaters both pay more, however, at £125,000.
Salaries for trainees at Baker McKenzie will remain at the current rates of £50,000 for the first year and £55,000 for the second year.
According to research from High Fliers, which looks at the UK’s top graduate employers, City law firms are among the highest payers in the country, second only to investment banking companies.
Baker McKenzie’s London managing partner, Ed Poulton, said: “Our people are fundamental to our success as a firm, and we are determined not only to build an inclusive workplace for all, but also to reward in a consistent manner.
“We recognise that remuneration is one element of our package, as well as other important factors including our culture, offering a range of benefits and services, and agile working arrangements.”