Lawyers with one year 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.
However, NQs at the firm will again earn £62,000, the same rate on offer last year.
Lawyers with four years’ PQE will earn at least £85,000, up from £83,000 and base salary at five years’ PQE rises from £88,000 to £89,000. Six-year PQE lawyers remain on a base salary of £92,000.
Olswang joins City rivals Bird & Bird and Berwin Leighton Paisner (BLP) in announcing salary increases for junior lawyers. Bird & Bird increased its pay for NQs by 9% to a new high of £60,000, while there are double-digit rises across some pay-bands.
However, top 10 duo Herbert Smith and Allen & Overy have both declined to increase associate salaries this year.
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