Hogan Lovells hikes NQ pay to match London’s Magic Circle
Anglo-American law firm Hogan Lovells has put itself on par with the Magic Circle in hiking salaries paid out to its newly-qualified lawyers to £107,500 a year.
The law firm is set to give its freshly trained lawyers a 7.5 per cent pay boost after upping their salaries from £100,000.
The pay hike puts Hogan Lovells on equal terms with four out of five of London’s prestigious Magic Circle law firms, including Linklaters, Clifford Chance, Allen & Overy, and Slaughter & May.
However, the pay hike comes after Freshfields Bruckhaus Deringer outbid its Magic Circle rivals in vowing to pay its newly-qualified lawyers £125,000 a year.
Formed through the merger of Washington headquartered firm Hogan & Hartson and London law firm Lovells in 2009, Hogan Lovells now has headquarters in both London and Washington D.C.
In February, the firm posted its “strongest overall results in history” after generating record revenues of almost £1.9bn on the back of the M&A boom.
The same month, Hogan Lovells said it would be leaving its Canada premises to move into a new building across the road.
Hogan Lovells pay hike comes as the battle for legal talent has continued raging on into 2022.