Three of the U.K.’s highest-grossing law firms raised salaries for London lawyers, who can earn as much as £65,000 ($99,000) in their first year after qualifying to practice.
Slaughter and May also raised pay for that level about 2% to £63,000. Allen & Overy and Freshfields Bruckhaus Deringer kept salaries unchanged.
'The London office has had another successful year', said Clifford Chance partner David Bickerton.
The Magic Circle, comprising the five largest and most profitable British law firms, cut or froze pay over several years as deal work dried up during the financial crisis that began in 2008. While the salaries of junior lawyers are rising again, they lag behind their New York counterparts, who make as much as $160,000 in their first year.
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