Anthony Matthews
19 August 2026
Salary Update
As the UK firms have been releasing positive results over the summer, a number of mid-tier and silver circle firms in London have been upping their salaries, the most eye-catching so far being Macfarlanes matching the magic circle with £150,000 at NQ. In this article, we have a look at recent changes on the salary front in London and most importantly, what this actually looks like in real terms.
Salary Increases
So far in London/UK, we’ve had the following salary increases (salaries are for NQs):
Macfarlanes - £150,000 (+£10,000)
Baker McKenzie - £150,000 (+£5,000)
Hogan Lovells Cadwalader - £145,000 (+£5,000)
Norton Rose Fulbright - £140,000 (+£5,000)
DLA Piper - £140,000 (+£10,000) / £84,000 (Regions) (+£2,000)
Simmons & Simmons - £130,000 (+£10,000) / £104,000 (Bristol) (+£6,000)
Eversheds - £120,000 (+£10,000) / £80,000 (Regions) (+£7,500)
Mishcon de Reya - £110,000 (+£10,000)
What we can see so far from the firms that have raised salaries is that they are either increasing by 5 or 10k which in the grand scheme of things isn’t a huge amount, especially when you get into the bunching at mid-level associates range.
One can also see that these firms are roughly around the silver circle/mid-Atlantic bracket which heaps pressure on the magic circle firms to respond. Statistically (see article from last year talking about partnership prospects), an associate is more likely to make partner at the firms above and have a better w/l balance. The question then is, can reputation and profile of transactions keep associates from jumping from magic circle firms to the top-tier, silver circle or mid-Atlantic?
An emerging theme of the last few years is how the regions have become more competitive. Bristol still leads the way with Simmons & Simmons becoming the first firm outside of London to pay NQs £100k+ but firms with offices across Leeds, Scotland, Manchester and Birmingham have also been raising salaries to become a lot more competitive with the capital.
Milbank Leading the Way
Across the Atlantic, Milbank have been continuing their crusade to knock Cravath off their perch and set the standard for pay in New York. The one big issue is nobody has really followed them! It does mean that Milbank’s associates worldwide have enjoyed a slightly increased salary + a special summer bonus but one imagines the other Wall Street leviathans will be matching them stride for stride come the Christmas bonus.
Exchange Rate w/US Firms
Those in Milbank’s London office will be happy for the increased salary however, firms paying in US$ in London are seeing associate salaries steadily decrease due to an unfavourable exchange rate.
At time of writing (Aug ’26), an NQ with a US firm paying Cravath would earn: £166,628.25 / £174,033.95 (at Milbank rates). Whilst an NQ with the fixed salary at Quinn Emanuel would earn a whopping £189,000
Post Tax/Expenses
But what does this actually look like in take home? The UK has a number of various taxes that can affect one’s payslip compared to a jurisdiction such as the UAE or Singapore. The below figures are a rough estimate when considering: Income tax, National Insurance and standard pension contributions
- £100,000 / c.£65,500 (£5,400 a month)
- £120,000 / c.£73,000 (£6,100 a month)
- £140,000 / c.£82,000 (£6,800 a month)
- £160,000 / c.£92,000 (£7,600 a month)
- £180,000 / c.£102,250 (£8,500 a month)
- £200,000 / c.£112,250 (£9,500 a month)
- £225,000 / c.£125,000 (£10,500 a month)
- £250,000 / c.£137,500 (£11,500 a month)
Take £2k for rent, £2k for spending money, council tax etc. and you’re left with:
- £100k - £1,400pm
- £120k - £2,100pm
- £140k - £2,800pm
- £160k - £3,600pm
- £180k - £4,500pm
- £200k - £5,500pm
- £225k - £6,500pm
- £250k - £7,500pm
What Next?
This is very dependent on how many more silver circle, top-tier and mid-Atlantic firms up their NQ salaries. The magic circle is likely to react however, there are traditionally firms that set the magic circle rate and firms that follow and then there’s Slaughter and May who decide to match about 12 months later!
The bunching of mid-level associate salaries does mean that currently, a magic circle senior associate does still earn significantly more than their UK peers c.£200,000 compared to £130-£175k with other UK/mid-Atlantic firms but the PR angle could be hard to resist.