Slaughters unveils five-figure bonus awards as junior lawyers’ pay edges higher

Posted on |
Slaughters unveils five-figure bonus awards as junior lawyers’ pay edges higher

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”

A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?

Posted on |
A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?

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?”

Goodbye lockstep – HSF latest City leader to give richer rewards for rainmakers

Posted on |
Goodbye lockstep – HSF latest City leader to give richer rewards for rainmakers

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”

Profitability drive sees DAC Beachcroft hike bonuses to incentivise top performers

Posted on |
Profitability drive sees DAC Beachcroft hike bonuses to incentivise top performers

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”

Squaring the Circle: A&O and CC confirm more details as associate pay is stoked higher

Posted on |
Squaring the Circle: A&O and CC confirm more details as associate pay is stoked higher

A little more light has emerged on the going rate for junior lawyers at the Magic Circle, with Allen & Overy (A&O) and Clifford Chance (CC) this week confirming more details on their new pay scales.

A&O confirmed that it has increased its pay bands for junior lawyers, with newly-qualified (NQ) solicitors earning £81,000 in salary, a 3% rise on the previous rate of £78,500. As a result of the revamp, first-year trainees will earn £44,000, rising to £49,000 in year two. The City giant has disclosed no details on bonus awards. Continue reading “Squaring the Circle: A&O and CC confirm more details as associate pay is stoked higher”

Freshfields freezes associate pay bands after 2016 largesse but battle for top juniors to intensify

Posted on |
Freshfields freezes associate pay bands after 2016 largesse but battle for top juniors to intensify

Amid a simmering market for junior City lawyers, Freshfields Bruckhaus Deringer has opted to hold the line on associate salaries following a round of bumper increases in 2016.

Newly-qualified (NQ) solicitors at the Magic Circle firm currently earn £85,000. This rate was established last year when the City giant substantially overhauled its comp structure to hike base salaries from £67,500 to £85,000, a 26% rise. The increase included the rolling in of bonuses, though overall compensation was also increased.

Continue reading “Freshfields freezes associate pay bands after 2016 largesse but battle for top juniors to intensify”

Ince’s new partner bonus pool sees top of equity jump 28%

Posted on |
Ince’s new partner bonus pool sees top of equity jump 28%

Ince & Co has made use of its new bonus pool for the first time, with the firm allocating around one third of its profits to reward high-performing partners for the 2016/17 financial year.

Legal Businessunderstands the use of the bonus pool has shifted the firm’s equity spread from £140,000 – £430,000 in the financial year 2015/16 to £140,000 – £550,000. Continue reading “Ince’s new partner bonus pool sees top of equity jump 28%”

20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market

Posted on |
20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market

Vinson & Elkins(V&E) has increased its London associate and trainee solicitor salary levels, boosting newly qualified salaries 20% to £120,000 and first-year trainee salaries by 11% to£50,000.

The firm announced the rates this week (20 July), alongside its second-year associates pay. They will receive a pay rise of 15% to £127,000 (from £110,000 previously), while the firm boosted third-year salaries to £140,000, a 17% increase from £120,000 last year. Meanwhile, the firm hiked second-year trainee salaries 17% to £55,000. Continue reading “20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market”