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<blockquote data-quote="Kola" data-source="post: 85011" data-attributes="member: 7894"><p>NQ rates have risen because there has been an explosive demand for associates in the US. Firms are poaching 1PQE+ lawyers across American left, right and centre, leading to insanely high 1PQE salaries, with even more insane sign-on and retention bonus' (rumoured to be exceeding $750k and $200k respectively). Since some US firms peg their London rates to the dollar, London lawyers, by default, are earning more because of salary increases across the pond (which is not to imply that salaries in London would not have increased otherwise - US firms have been hiring in London like crazy as well). These increases, in turn, forced British firms to also raise their rates (with MC firms paying £100k+ now and SC firms paying circa. £80k-£100k. Basically, NQ rates have increased in London for specific reasons (more than I have listed). For trainee salaries to increase, there would have to actually be a catalyst and I'm afraid that marginal cost of living increases and very short term 'stagnation' (if you can even call it that) wont cut it. I would be very surprised if trainee salaries increased - but who knows.</p></blockquote><p></p>

[QUOTE="Kola, post: 85011, member: 7894"] NQ rates have risen because there has been an explosive demand for associates in the US. Firms are poaching 1PQE+ lawyers across American left, right and centre, leading to insanely high 1PQE salaries, with even more insane sign-on and retention bonus' (rumoured to be exceeding $750k and $200k respectively). Since some US firms peg their London rates to the dollar, London lawyers, by default, are earning more because of salary increases across the pond (which is not to imply that salaries in London would not have increased otherwise - US firms have been hiring in London like crazy as well). These increases, in turn, forced British firms to also raise their rates (with MC firms paying £100k+ now and SC firms paying circa. £80k-£100k. Basically, NQ rates have increased in London for specific reasons (more than I have listed). For trainee salaries to increase, there would have to actually be a catalyst and I'm afraid that marginal cost of living increases and very short term 'stagnation' (if you can even call it that) wont cut it. I would be very surprised if trainee salaries increased - but who knows. [/QUOTE]

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