The yearly contest to attract new talent has started with Magic Circle duo Slaughter and May and Linklaters both making salary hikes of over 5% for junior lawyers, while Hogan Lovells kept pace by bumping its junior pay up to match Slaughters’ £70,000 newly-qualifieds’ (NQs) salary.
Although Linklaters reported its NQs received a £3,500 pay increase to £68,500, this was still behind Slaughters, which has traditionally been a bellwether of trainee and associate salaries among the Magic Circle and gifted an 8% wage bump to NQs, taking them to £70,000. However, Linklaters’ salary bands were increased more aggressively higher up the associate ladder as both two and three-year post-qualification experience (PQE) lawyers were given sizeable salary increases that topped Slaughters.
Traditionally a bellwether of trainee and associate salaries among the Magic Circle, Slaughter and May has made significant hikes to the salaries it pays junior lawyers.
‘Culture of valuing and recognising everyone’s contribution’: Slaughters unveils bumper associate bonus package
Slaughter and May has increased the size of its annual bonuses, with associates qualified for more than four and a half years set to receive an additional 15% on top of their salary.
The US bonus season, usually led by Cravath Swaine & Moore, has this year seen Simpson Thacher & Bartlett kick-start the process ahead of the traditional schedule, and set a very high bar for the rest of the American elite firms.
Magic Circle firm Clifford Chance (CC) has significantly raised its salary package for its newly qualified (NQ) lawyers and junior ranks.
Salaries will be raised across the board, with first year trainees seeing an increase from £39,000 to £40,500 while year two trainees will receive an extra £1,500 to £45,500. Continue reading “Associate pay 2014 – ‘A good year’ sees CC boost salaries and bonuses across the board”
Shearman & Sterling has announced a salary boost for its English-qualified lawyers, increasing pay levels across the firm’s three-tier merit based system by up to 6.4%. Continue reading “Associate pay: Shearman raises English-qualified lawyers’ salaries by up to 6.4% across the board”
Building on its decision earlier this year to introduce an element of merit to its associate pay, Slaughter and May has overhauled its associate bonus, moving away from a ‘blunt instrument’ flat rate bonus of 5% to a performance and seniority related uplift.
The overhaul – which was unveiled by the Magic Circle firm today (2 December) and follows its decision in January to create ‘good’ and ‘exceptional’ salary bands for associates from 4.5 years post-qualification experience (PQE) and upwards – will see associates paid up to a 12% bonus based on both their PQE level and performance. Continue reading “Merit driven pay – Slaughter and May introduces discretionary associate bonus”
Following last week’s round of positive trainee retention rates within a mix of Magic Circle, international and regional firms; the latest batch of results has revealed a substantial reduction in the number of newly qualified lawyers offered a position at their respective firms.
It’s bad news for the junior lawyer at Shoosmiths as the national firm announced yesterday (7 July) that it will only retain 41% of NQ trainees. Out of a cohort 22, nine out of 11 trainees have so far accepted jobs while out of the remaining 13 newly qualifieds (NQs), seven have been offered jobs at other law firms, and one will return to a non-legal career. Continue reading “Retention round up: mixed bag as Shoosmiths, Dentons, Taylor Wessing record reduced rates”
Despite the wave of redundancies and poor financials of late, firms are still posting high retention rates of junior lawyers who can almost all breathe a sigh of relief this coming September. However, not every firm has been as generous this year as they were last summer – a sign that supply is still outstripping demand in many areas.
The latest is Magic Circle firm Linklaters which yesterday (31 July) announced a retention figure of 87%, equating to 47 offers (of which all were accepted) out of 54 trainees. This figure is up considerably on last summer, where the rate fell to 79%. Continue reading “Retention round up: UK firms score top marks on trainee job offers”