Allen & Overy has become the latest Magic Circle firm to announce pay increases for its trainees and newly qualified associates (NQs), alongside a slightly reduced September 2018 retention rate.
The salary for NQs has risen to £83,000 from £81,000, while second year trainees can now expect to take home £50,000, up from £49,000. First year trainees will earn £45,000, compared with the previous £44,000 salary. Continue reading “‘Strong pipeline’: pay bump for A&O trainees and associates amid 80% retention rate”
More details are emerging on associate pay at Magic Circle firms as Freshfields Bruckhaus Deringer has joined the list of firms to announce increased salaries for US associates, as competition to recruit top lawyers intensifies.
The move by Freshfields will see the firm match the rates set by Milbank Tweed Hadley & McCloy, which set the standard for raising the starting salary for new lawyers two weeks ago, with Freshfield’s US associates now starting on $190,000 and rising to $330,000 in their eighth year. Continue reading “Associate pay: Freshfields joins salary race as global firms jostle for talent in US”
Despite much talk of client pressure on fees the determination to recruit top associates continues to build with one leading New York firm this week jolting the industry by announcing a record pay scale for its US and City associates.
Milbank, Tweed, Hadley & McCloy on Monday (4 June) announced that its associates will earn between $190,000 and $330,000 from 1 July. Continue reading “Milbank bids up associate pay as surprise moves takes City associates to new $190k benchmark”
A fuller picture of the legal industry’s gender pay gap issue is emerging as Addleshaw Goddard, Mishcon de Reya and Gowling WLG become the latest firms to reveal big earnings disparities.
Gender pay brackets at Addleshaw – published Tuesday (13 March) ahead of the 4 April deadline required by legislation brought in last year – reveal the firm paid its male staff on average 43.2% more in bonuses than women for the year to 5 April 2017. The median bonus figure was 33.3%. Continue reading “Gender diversity: pay gaps revealed at Addleshaw Goddard, Mishcon de Reya and Gowling WLG”
Allen & Overy has become the latest magic circle firm to reveal the sizeable gulf between male and female employee earnings.
The firm on Monday (12 March) published its figures for gender pay brackets ahead of the 4 April deadline required by legislation brought in last year. Continue reading “Gender diversity: Allen & Overy faring better than rivals as it reveals 20% pay gap”
The UK’s top law firms have begun disclosing figures on gender pay gaps, with an initial round of numbers showing City giant Linklaters has the biggest gulf between male and female earnings.
The Magic Circle firm on Wednesday (7 February) published its figures for gender pay bands, as required under legislation introduced last year, which showed Linklaters paid its male staff members nearly 60% more in bonuses than women. The firm’s female employees were paid on average 23.2% less than male colleagues. The gap widened to 39.1% when the median figure was considered. Continue reading “For what they’re worth – Links, 2Birds and Pinsents among law firms disclosing chunky gender pay gaps”
In the latest sign of pressure to secure the best young talent, Slaughter and May has confirmed it is to pay five-figure bonuses to many associates amid modest salary rises for junior lawyers.
Slaughters today (13 December) announced that associates achieving ‘a good or exceptional level of performance’ will receive a bonus ranging between 9% and 16% of salary, broadly matching the rates the City leader paid out last year. Continue reading “Slaughters unveils five-figure bonus awards as junior lawyers’ pay edges higher”
Nathalie Tidman assesses the Magic Circle firm’s high-stakes partnership shake-up
‘Freshfields has overhauled its partnership for two reasons – to mollify restive partners in leveraged finance and private equity – and to make it moderately easier to recruit in the US,’ notes one former partner. ‘It’s insufficient for both of these purposes.’ Continue reading “A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?”
Herbert Smith Freehills (HSF) has backed a shake-up of its partnership that will boost top performers’ earnings by a third, hiking plateau equity shares from 100 to 130 points.
The move substantially lengthens its core pay ‘ladder’ and paves the way for top City earners to take home well over £1.5m with bonuses. The overhaul comes just weeks after Freshfields Bruckhaus Deringer voted through similar reforms. Continue reading “Goodbye lockstep – HSF latest City leader to give richer rewards for rainmakers”
DAC Beachcroft will reward top-performing partners with more generous bonuses after the top-25 Legal Business 100 firm voted through changes to its remuneration structure.
The national firm has introduced the new bonus scheme with immediate effect following a full governance review, removing a cap on the level of profit going into its merit pool to allow for more flexibility in remuneration. Continue reading “Profitability drive sees DAC Beachcroft hike bonuses to incentivise top performers”