I think there is a significant difference in the pay between the 2 & 3PQE lawyers. A lot of news about the glut of lawyers popped up after the 3PQE lawyers got called and secured their jobs. Problems with getting TCs also started after 3PQE lawyers got called... From anecdotal evidence, I believe that many firms reduced the starting pay of the 2PQE lawyers because of this. (My firm had applicants willing to work during their probation period for free!)

I am working in a mid sized firm and was getting 4.5k (no MVC) up until i received a 1k raise a couple of days ago. My s/o who is also in another mid sized firm is getting 5k. My peers in some of the big 4 are getting about 6.5k... Given the current market, I am doubtful that the average lawyer presently with 2PQE in a midsized firm can get 8k when he hits 3PQE...

A distinction might be better made between regular midsized firm v the type that do "wall street" work