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.
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.
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.
White & Case‘s London associates have seen a significant increase in their pay with the US firm awarding its newly qualified (NQ) associates with a £15,000 pay hike for 2017.
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?”
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”
Leading Wall Street firms have begun announcing their 2016 year-end associate bonuses with Cravath, Swaine & Moore leading the way again on rewards with other Manhattan firms following suit.
Despite post-Brexit referendum market turbulence, independent firms Travers Smith and Macfarlanes have both elevated their newly-qualified (NQ) pay levels, with the former matching Slaughter and May’s newly-qualified pay level of £71,500.
Herbert Smith Freehills has significantly bumped up pay packets, awarding its associates with a base salary of £82,000, up £13,000 on last year’s £69,000.
Linklaters has become the latest, and the last, of the Magic Circle firms in the US to match Cravath, Swaine & Moore’s $180,000 pay for first year associates in New York.
