European law giant CMS hikes salaries for London and UK trainees
European law giant CMS has given all of its UK trainees a pay rise.
The law firm said its London trainees will get a five per cent pay rise, which will see first year salaries upped to £46,725 a year, and second year salaries rise to £52,5250, CMS told City A.M.
The law firm will also up salaries for first year trainees in its Bristol offices to £41,500 and boost pay for second years in its Bristol offices to £42,525.
First years in CMS’ Aberdeen, Glasgow, and Edinburgh offices will see their pay rise to £26,775, while first years in Manchester and Sheffield will earn £30,000.
The move comes after CMS upped salaries for newly-qualified lawyers in its London offices to £95,000, in December last year.
CMS’ trainee pay rises peg the European firm’s trainee salaries below those offered by the UK’s prestigious Magic Circle, with firms such as Freshfields and Slaughter & May offering first years £50,000 a year.
The pay rises come amid fierce competition for legal talent and growing criticism that lawyers’ salaries are getting out-of-control.
Critics of soaring salaries argue that the huge sums being paid out to young lawyers do not match the value they provide to clients, as they claim the expectations now being put on young lawyers will see them burn out before they reach the age of 30.
CMS was formed through the merger of six European law firms, based in the UK, Germany, Austria, and the Netherlands, in 1999.
Since then, the firm has expanded across Europe to various jurisdictions including France, Italy, Monaco, Spain and Switzerland.
The law firm has in recent years also expanded into Africa and Latin America.