Vinson & Elkins hands NQs 20% pay boost to £120,000

Vinson & Elkins is increasing its salaries for newly qualified solicitors to £120,000.

It is a 20 per cent boost on the £100,000 it previously handed out.

1PQE associates will receive a pay increase of 15 per cent from £110,000 to £127,000, and 2PQE salaries will rise to £140,000, up 17 per cent from £120,000.

First-year trainee salaries, meanwhile, rise to £50,000, with second-year trainee pay goes up to £55,000. First years were previously paid £45,000, with £47,500 for second-years.

The associate salary increases came into force on 1 July while the trainee increases take effect from 1 September.

London managing partner Alex Msimang said: “At V&E, we believe that our people are our most valuable asset, so it is very important that we attract and retain top talent at every level.This is a highly competitive market, and we believe these compensation adjustments exemplify our appreciation for the hard work and excellent service that our associates and trainees provide to our clients every day.”