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”

Ince & Co brings in alternative career to partnership as it shakes up associate pay

Ince & Co brings in alternative career to partnership as it shakes up associate pay

Ince & Co is offering its lawyers the option to choose a different career path from the traditional partner track, as it revamps its associate pay structure.

Lawyers at Ince will now progress up a four-step career programme applicable to trainees, associates, senior associates and managing associates.

Continue reading “Ince & Co brings in alternative career to partnership as it shakes up associate pay”

‘Some firms do it very well’: Top City outfits embrace flexible working

‘Some firms do it very well’: Top City outfits embrace flexible working

The City’s leading firms have formally embraced flexible working, with the percentage of fee-earners working part-time at the top ten of the Legal Business 100 ranging between 2% and 10%.

Our quality of life survey, published this month, found all of the UK’s top ten law firms have policies around flexible working. Many of the partners interviewed said their firms also allowed teams to develop their own strategy of flexible working, with partners asked to use their own discretion as to whether members of their team needed time off.

Continue reading “‘Some firms do it very well’: Top City outfits embrace flexible working”