Prestige, cash and a bit of spin: how to get ahead in trainee recruitment

Prestige, cash and a bit of spin: how to get ahead in trainee recruitment

As the associate pay war rages, Thomas Alan finds major firms are falling back on cultural tropes in the expensive jostle for trainee talent

When Freshfields Bruckhaus Deringer announced in May a pay hike for newly-qualified salaries, rising from £85,000 to £100,000 with bonuses on top, new battle lines were drawn in the war for junior talent. Continue reading “Prestige, cash and a bit of spin: how to get ahead in trainee recruitment”

HSF hikes associate pay package to £105k as firms jostle for talent

HSF hikes associate pay package to £105k as firms jostle for talent

Herbert Smith Freehills (HSF) has joined the ranks of firms upping their associate pay commitments, boosting its compensation package to £105,000 including salary and bonuses.

The figure is a 13% increase on the £93,000 the Anglo-Australian firm announced last year. Though the firm would not disclose the underlying basic salary, the new structure is meant to place greater emphasis on associates’ performances and less on post-qualified experience (PQE). Continue reading “HSF hikes associate pay package to £105k as firms jostle for talent”

Linklaters digs down back of sofa to match rivals’ £100k associate pay packages

Linklaters digs down back of sofa to match rivals’ £100k associate pay packages

Linklaters has finished off the Magic Circle’s robust response to associate pay increases from US firms in London, raising its pay package for newly-qualified solicitors (NQs) to match its rivals.

The pay boost will see the total cash payable to NQs reach £100,000, including a salary and a discretionary bonus, while top performers will be set to receive more. The firm did not disclose the new base salary – or how it would increase for more senior associates – however the figure is a considerable rise from the £83,000 in basic pay Linklaters announced last year. Continue reading “Linklaters digs down back of sofa to match rivals’ £100k associate pay packages”

A&O pips Links to the post in Magic Circle NQ pay hikes

A&O pips Links to the post in Magic Circle NQ pay hikes

Allen & Overy (A&O) has become the latest Magic Circle firm to hike its salary for newly-qualified solicitors (NQs) to £100,000, narrowly beating a similar commitment from final holdout Linklaters.

The move will see NQs take home a minimum of £100,000, including bonus, marking a 20% uptick on the £83,000 salary set by A&O less than a year ago. Continue reading “A&O pips Links to the post in Magic Circle NQ pay hikes”

Pay for today: Slaughters boosts associate remuneration package to £100k as talent war intensifies

Pay for today: Slaughters boosts associate remuneration package to £100k as talent war intensifies

Slaughter and May is bolstering associate pay to a £100,000 including bonuses, becoming the latest of the City elite to play its hand on lawyer salaries.

The move comes after Freshfields Bruckhaus Deringer and Clifford Chance (CC) both hiked their newly-qualified (NQ) pay to £100,000 in a bid to head off the ever-increasing threat from US rivals. Continue reading “Pay for today: Slaughters boosts associate remuneration package to £100k as talent war intensifies”

CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies

CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies

Clifford Chance (CC) has become the second Magic Circle law firm to raise the starting pay for its associates to £100,000, a month after City rival Freshfields Bruckhaus Deringer announced a similar increase.

In a move signalling the widening impact of the pressure for talent from US firms on the City elite, CC has raised its compensation for newly qualified (NQ) solicitors from £91,000 including bonuses. Continue reading “CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies”

‘Break the dominance of a single metric’: CC pilots dropping billable hours from performance reviews

‘Break the dominance of a single metric’: CC pilots dropping billable hours from performance reviews

Clifford Chance (CC) is piloting a radical reform to the way it assesses the performance of its associates and counsel, removing utilisation as a metric when reviewing compensation.

The firm announced today (2 May) it has launched a year-long trial of the new system for 65 lawyers in its Dubai and Abu Dhabi offices, whose base salaries and bonuses will be reviewed based on criteria including time spent on business development, professional growth and engagement with the firm’s innovation strategy. Continue reading “‘Break the dominance of a single metric’: CC pilots dropping billable hours from performance reviews”

Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent

Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent

Linklaters and Allen & Overy (A&O) have joined Magic Circle peers Freshfields Bruckhaus Deringer and Clifford Chance to hike associate salaries in the US as competition to recruit top-flight lawyers heats up.

A&O said today (28 June) it would pay US associates a starting salary of $190,000 rising to $340,000 for associates in their eight year. The salary rises to $350,000 for lawyers in their ninth year and for senior associates. Continue reading “Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent”

US bonuses: Magic Circle follows Wall Street standard with bonus freeze as associate reward season comes round again

US bonuses: Magic Circle follows Wall Street standard with bonus freeze as associate reward season comes round again

Allen & Overy and Clifford Chance have kept top-level US associate bonuses static at $100,000 for the fourth consecutive year, in line with Wall Street giant Cravath, Swaine & Moore’s recent announcement.

The Magic Circle firms are awarding year-end bonuses of $ 100,000 for 2009 and 2010 US associates and $90,000 for 2011 lawyers, A&O and CC both confirmed. Continue reading “US bonuses: Magic Circle follows Wall Street standard with bonus freeze as associate reward season comes round again”

As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent

As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent

Madeleine Farman assesses the impact of another round of pay rises on the City market

As US firms continue to hike associate pay for UK lawyers, members of the City’s legal elite are getting increasingly coy over what they are offering their junior ranks… but are such tactics sustainable in the long run?

Continue reading “As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent”