Dechert and Fried Frank up new lawyers pay as salary battle rages on
Dechert and Fried Frank have both upped the salaries they pay out to newly qualified lawyers, as the pay battle continues.
Dechert confirmed to City PM that it has increased pay for newly qualified associates in its London office from £125,000 to £140,000.
The Philadelphia firm’s 12 per cent pay rise for newly qualified associates comes after it raised pay for trainees in its London offices to £50,000 for first years and £55,000 for year twos.
Dechert’s pay rises come after New York firm Fried Frank also raised pay for its newly qualified lawyers from £145,000 to £160,000.
The white-shoe law firm’s pay rises will see its salaries match those paid out by Canada’s biggest firms, as the battle for legal talent continues.
The pay rises come after US firm Milbank sparked a fresh bidding war in January after offering its NQs £160,000 a year.
More recently, New York firm Brewers said it would pay NQs an unprecedented $235,000 (£172,500) a year, after Goodwin Procter offered NQs £161,500.