The new rate represents an increase of 2.4% on last year’s figure of £62,000 and comes despite the firm announcing just last month that it would be freezing NQ rates at last year’s level.
It puts junior lawyers at the top 30 firm on a par with Norton Rose and slightly behind Herbert Smith, both of which chose to freeze NQ rates this year.
Last month Olswang announced that its lawyers with one year’s post-qualification experience (PQE) will now pick up a minimum of £66,000 – up by £1,000 on last year and representing a hike of 1.5%.
Associates with two years’ PQE get a more substantial rise of around 4%, with the base rate rising from £72,000 last year to a new mark of £75,000, while those at three years’ PQE will pocket at least £81,000, up from £78,000.
Meanwhile, Olswang’s lawyers with four years’ PQE will earn at least £85,000, up from £83,000 while base salary at five years’ PQE has risen from £88,000 to £89,000. Six-year PQE lawyers remain on a base salary of £92,000.
Most City firms have opted for marginal increases in pay rates with only a handful such as Norton Rose, Herbert Smith and Allen & Overy choosing to freeze rates. Berwin Leighton Paisner has announced increases for more senior lawyers but has yet to announce rates for NQs.
Talkback: A smart move - or did Olswang have no choice but to raise its rates? Click here to have your say.
Stay up to speed with all the latest salary changes with the Legal Week Wiki pay league.
