London firms up the stakes for NQs
"Golden handcuffs" part of the package for newly qualified lawyers in battle for talent
A new report has revealed that newly-qualified solicitors are being offered bonuses of £10,000 when they sign up to top London firms.
The so-called "golden handcuffs" are just part of the pay packets offered by legal firms in the capital in the scramble to win assistant solicitors, with young lawyers earning £64,000 a year on average.
The findings are part of research produced by Hughes-Castell, which also show that some lawyers have seen wage increases of 16% over the past year. US firms working in the UK are now struggling to keep up with UK wage rises because of the weak dollar and the aftermath of the global credit crunch.
Yngve Traberg, chief executive of online job search engine ClickAJob, said big money could not compensate for poor job satisfaction levels.
He commented: "Working environment, future prospects, work-life balance, all of these are equally important for a commitment to be made long-term. Without them, a staff member's loyalty is easily bought by the highest bidder."
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