Confirms 87% trainee retention rating
Norton Rose Fulbright (NRF) has change into the newest Metropolis regulation agency to chop the salaries of its newly certified (NQ) legal professionals in response to the COVID-19 disaster.
The worldwide large in the present day confirmed its new associates will now begin on a base price of £82,500, down 6% from a pre-pandemic pay packet of £87,500. A spokesperson for NRF stated it will likely be “reinvesting the financial savings from this discount to extend salaries for extra senior associates.”
They added: “Regardless of this reset of the NQ wage degree, following modifications to our personal bonus scheme earlier this 12 months, a NQ nonetheless has the potential to earn in extra of £100,000.”
The modifications will take impact from September.
NRF additionally confirmed that associates and enterprise service workforce members in Europe, Center East and Asia who’ve been promoted to a brand new function this 12 months, will obtain wage will increase. The wage freeze announced at the start of April will, nonetheless, stay in place for all these remaining of their present roles right now.
Individually, NRF confirmed an autumn retention rating of 87% with 20 out of 23 soon-to-be associates placing pen to paper on offers.
Affirmation of the cuts come simply 48 hours after magic circle participant Linklaters revealed it had trimmed NQ salaries by 10% to £90,000. Different corporations to announce comparable belt-tightening measures in latest weeks embrace Clyde & Co, Macfarlanes and Jones Day.