The talent debate: The war rages on

The talent debate: The war rages on

James Tsolakis, NatWest: One of the great challenges setting this up with Alex is in the long period I have been a banker to the legal profession, the rate of change is faster than I have seen for a long time. The challenge was defining the discussion. It could have been IPOs, artificial intelligence, international expansion – any number of things. I am pleased we chose a subject that will ultimately touch all these other subjects driving change in the sector.

Alex Novarese, Legal Business: Kicking off, Sharon, what worries you about talent? Continue reading “The talent debate: The war rages on”

Comment: The associate pay smoke screen is fooling no-one

Comment: The associate pay smoke screen is fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Comment: The associate pay smoke screen is fooling no-one”

Associate pay smoke screen: it’s fooling no-one

Associate pay smoke screen: it’s fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Associate pay smoke screen: it’s fooling no-one”

Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive

Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive

Akin Gump has increased trainee salaries by 12% and 8% for first and second years respectively, with the group representing the first trainees the US firm has taken on, while its newly qualified (NQ) pay remained static this financial year.

Continue reading “Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive”

Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries

Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries

Travers Smith, Macfarlanes and Jones Day have all boosted their junior lawyers pay in this year’s review, in contrast to Herbert Smith Freehills and CMS McKenna Nabarro Olswang which have held pay for London associates, with some regional pay rises. 

Continue reading “Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries”

Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

Pay rises continue to ripple through the top-end legal services market despite the uncertain outlook for the City. The latest to go is London giant Linklaters, which has nudged up its base rate for junior lawyers by £1,000, handing newly-qualified (NQ) solicitors £82,000.

Continue reading “Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy”

Fault lines – Can City law face up to the challenges of mental health?

Fault lines – Can City law face up to the challenges of mental health?

City lawyers have long been prone to burnout. Are changing attitudes seeing law firms finally face up to the challenges of mental health and extreme stress?

‘I decided the sensible thing to do was walk across four lanes of French motorway traffic. Eventually I was accosted by a toll gate assistant asking: “What are you doing?” I had to confess that I really had little idea. I wasn’t aware of the warning signs.’

Continue reading “Fault lines – Can City law face up to the challenges of mental health?”

‘Enhancing our approach to development’: A&O drops annual appraisals in performance pilot scheme

‘Enhancing our approach to development’: A&O drops annual appraisals in performance pilot scheme

Allen & Overy (A&O) confirmed today (4 May) that it has been running a performance pilot scheme for the last six months, dropping traditional annual appraisals in a new approach to performance management. Continue reading “‘Enhancing our approach to development’: A&O drops annual appraisals in performance pilot scheme”