You are here

Keeping up with the Joneses: Staggering NQ salaries

But are they proportionate to how much partners take home, and are they worth it, wonders Pippa Allsop

23 June 2015

Over the last few
months, Magic Circle firms have been announcing salary increases
for their trainees and newly qualified (NQ) lawyers. With first years at some of these
firms now receiving an average of around £40,000 per annum, and NQs earning anything between £65,000 and
£70,000 per annum, it is
hardly surprising that some
people are questioning the appropriateness of the already astronomical salaries these ‘newbies’ receive.

I was left wondering whether the critical reaction to this salary hike is a fair or disproportionate one. The question for me is: what is the trade-off for such a high salary at such a young age? I cannot deny that, when looking at the figures for the first time, it is almost impossible not to have the initial reaction of acute, gut-wrenching jealousy. Then, I immediately remember the reality of this compromise: when I ...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.