Pinsent Masons enters City bidding war after boosting pay for new lawyers to £92k
Pinsent Masons has given newly qualified (NQ) lawyers working in its London offices a 22.6 per cent pay rise, in upping their salaries to £92,000 a year.
The commercial law firm entered the fray by hiking pay for its freshly trained lawyers from £75,000 to £92,000 a year.
NQs working in its regional UK offices will also see their pay rise 35.5 per cent from £45,000 to £61,000 a year.
Pinsent Masons currently employs a team of 1,800 lawyers working out of 26 offices across the globe.
In the UK, the industry focused law firm has offices in cities including London, Manchester, Edinburgh, Belfast, and Birmingham.
In a statement, the law firm said its salary increases reflect its desire to remain competitive in order to “attract and retain talent.”
Canada headquartered law firm’s pay hikes come as competition for legal talent continues.
Fierce competition between firms has seen UK and US law firms take part in a bidding war, which has seen the major players offer their NQs increasingly eye-watering salaries.
Pinsent’s pay rises come after London’s oldest law firm, Freshfields Bruckhaus Deringer, upped pay for its new associates to a whopping £125,000 a year.
The hikes saw Freshfields revive the UK’s pay battle as it outbid its Magic Circle rivals in seeking to matching some of the major US firms.
However, Pinsent’s salary hikes leave the firm lagging behind the top bidders, which now pay salaries as high as £161,500 a year.