‘If Zoom is doing it, everybody probably needs to be’: Growing number of US law firms mandate four-days-in-office week

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‘If Zoom is doing it, everybody probably needs to be’: Growing number of US law firms mandate four-days-in-office week

Lawyers adhering to a minimum of four days in the  office a week policy  is gaining traction among US firms, with Vinson & Elkins now joining the trend, while UK firms appear less inclined to follow suit just yet.

Vinson & Elkins announced on 9 August that it will adopt a four-day in-office schedule from 11 September, allowing the choice of remote work on either Monday or Friday, marking a change from their previous three-day hybrid policy introduced in March last year. Continue reading “‘If Zoom is doing it, everybody probably needs to be’: Growing number of US law firms mandate four-days-in-office week”

‘After Lehman collapsed, salaries still went up’: Magic Circle NQ pay rises as market cools

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‘After Lehman collapsed, salaries still went up’: Magic Circle NQ pay rises as market cools

‘Law firms are stupid. They were stupid last time round. People forget but, after Lehman Brothers collapsed, salaries still went up. Almost automatically they still increased salaries.’ So commented Scott Gibson, director at legal recruitment consultancy Edwards Gibson, as he reflected on the recent round of NQ salary increases at the Magic Circle.

While the market may be cooling, the NQ pay war marches on with both Allen & Overy and Linklaters recently raising their NQ offerings. A&O, which last June froze NQ pay at £107,500, citing a ‘more challenging business environment’, said: ‘We have increased our NQ salaries to £125,000 p.a. in line with the market.’ Linklaters has also raised its NQ salary, from £107,500 to £125,00. Continue reading “‘After Lehman collapsed, salaries still went up’: Magic Circle NQ pay rises as market cools”

CC and Freshfields dish out US associate bonuses to match American rivals

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CC and Freshfields dish out US associate bonuses to match American rivals

Clifford Chance (CC) has become the second Magic Circle firm to dish out competitive year-end bonuses to US associates, after Freshfields Bruckhaus Deringer matched US competitors’ rates last week.

Both firms will pay their junior lawyers a lump sum based on their year of qualification. At both CC and Freshfields, newly qualified (NQ) associates will receive a prorated bonus of $15,000, the 2021 class of associates will receive a $20,000 pay-out, while at the top-end, seven and eight-year associates will receive $105,000 and $115,000 respectively.

Continue reading “CC and Freshfields dish out US associate bonuses to match American rivals”

Build Back Better: Two things associates need to know (and neither is ‘how to code’)

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Build Back Better: Two things associates need to know (and neither is ‘how to code’)

The other day we were presenting a webinar on ‘The Lawyer of the Future’ to a firm’s summer associate class, now in the midst of their remote June and July programme, and the question came up, ‘What do associates need to know?’

Here’s where I suspect many were anticipating we would have headed straight to, ‘Technology’ or ‘IT’ or even ‘How to code.’ Continue reading “Build Back Better: Two things associates need to know (and neither is ‘how to code’)”

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

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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

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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

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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

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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

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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

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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”