Travers bumps junior lawyer salaries to near six figures as bidding war heats up
London law firm Travers Smith has upped newly qualified lawyers’ salaries to a base rate of £90,000.
Travers becomes the latest firm to join the race for talented junior lawyers, matching their competitor Macfarlanes. Their city rival raised rates by 6 per cent to £90,000 earlier this summer.
However, Travers added that recently qualified juniors could earn “between £100,000 and £117,000″ once firm-wide bonus and other discretionary payments are accounted for.
Legal Cheek first reported the news.
The move will also see trainee salaries at the London firm increase.
It’s the latest in a series of salary hikes across the City, with Ashurt, Baker McKenzie, Mayer Brown and Reed Smith all promising qualifying trainees a similarly sizable pay packet.
Aggressive hiring by American firms in the Square Mile is behind the move towards higher salaries.
Last year a senior lawyer at Pinsent Mason’s said the bidding war had become “unsustainable.”