UK firm Allen & Overy increases trainee pay
Allen & Overy has increase trainee remuneration for the first time in three years. Starting from 1 September, first year trainees will receive £39,000, up from £38,000. Second year trainees will get £44,000, up £800 from £43,200.
The increase puts Allen & Overy on par with the top-paying firms in the magic circle. Slaughters and Clifford Chance come in with slightly less attractive pay schemes, offering £38k for first year trainees, and £43k for second year trainees.
Meanwhile, the US firms with a London presence are offering far more generous pay packages. First year London trainees at White & Case, Jones Day 16] and Weil Gotshal & Manges receive £41k, and the pay gap widens after qualification. Newly qualified Magic Circle lawyers take home £61.5k (with the exception of Freshfields, which pays £65k. But at US firm Bingham McCutchen first year associates are earning £100k.