110,000 pounds will now be the base salary for newly qualified lawyers at Mishcon de Reya, the London-based law firm has announced. The firm said the pay rise, effective from September, aims to remain competitive in a market where top-tier firms are increasingly bidding for talent.
New incentives to retain talent
Vanessa Dewhurst, Mishcon’s chief people officer, explained that the increases are part of a strategy to maintain the firm’s position in the talent wars. The bonus structure has also been expanded, rewarding staff who work beyond expected hours, including for clients demanding high-level assistance or those adopting AI tools.
Earlier this year, the firm rolled out a 'bonus boost' for associates, managing associates and counsel who exceed standard work expectations. This was designed to incentivize effort and loyalty without altering the firm’s standard chargeable hour targets.
Legal sector sees continued pay escalation
Mishcon’s move comes as other leading law firms in the UK also raise pay to keep pace. US firm Quinn Emanuel now pays its most junior lawyers £189,000, after raising salaries in June to cement its position at the top of the market.
Other high-profile law firms, including Baker McKenzie and Macfarlanes, have also brought their junior lawyer pay in line with the new £150,000 standard for newly qualified staff. The pay war, which began with US firms entering the London market, shows no sign of slowing.