Magic Circle firm Linklaters has ramped up associate take-home pay after a lengthy review of its remuneration.
Newly-qualified lawyers at Linklaters can expect to take home at least £81,000 next year including bonus. High performers will on average earn £91,000 including bonus. This is up on the basic £68,500 salary newly-qualified lawyers at Linklaters earned last year.
1PQE associates will on average receive £90,000, with 2PQE and 3PQE associates receiving £100,000 and £111,000. High performing lawyers will receive substantially more, with 1PQEs set to earn £101,000. High performing two year PQEs will earn £119,000 and high performing three year PQEs will earn £130,000. That is up on the £98,500 basic salary 3PQEs would receive last year.
The firm said the changes follow ‘a comprehensive review’ to better understand how the firm can improve and differentiate its reward offering – including salary, bonus and benefits – ‘to continue to attract, motivate and retain the highest quality people, in a way that is sustainable’.
Working from home for one day per week will be made available across all practice groups, replaced the ad hoc system previously in place. Standard annual leave entitlement will also increase, rising from 25 to 27 days, with a new birthday leave policy adding an extra day.
The partners consultation was run by global HR consultancy Towers Watson and took feedback from The Jam, a 72-hour crowdsourcing initiative that the firm ran at the end of last year. The changes become effective on 1 May 2016.
Linklaters partner Satindar Dogra said: ‘The objectives of this review were to improve and differentiate our reward offering, which is key to attracting, motivating and retaining the highest calibre and highest performing talent in the market. We believe that the changes we are implementing do that, providing a strong and positive message to our people while standing out within the market as an extremely competitive and well-rounded proposition.’
In contrast last August Travers Smith boosted its by newly qualified associate pay by £6,000 to £70,000 from £64,000, constituting a 9% rise and putting its rates on a par with Slaughter and May and Hogan Lovells.