‘New York To $190!’ was the long-running headline Above The Law printed frequently in more innocent and/or palmier days, with (we suppose) a combination of hope and bemusement. Well, Cravath’s pre-emptive strike of going to $180k didn’t quite get us there. Welcome to the New Normal – or the New Mediocre, the version I’m fond of because of its pith.
Continue reading “Guest post: US associate pay – welcome to the New Mediocre”
Sidley Austin is upping its game in the City by announcing it will increase the salary of all its London associates to at least £100,000.
Magic Circle firm Linklaters has ramped up associate take-home pay after a lengthy review of its remuneration.
Dear partner,
We know there is a lot of talk about the new generation of associates, how entitled and short term they are, and that either you or a colleague has been talking about what to do about the kids.
Continue reading “Comment: An open letter to Gen X partners and Millennial associates…”
Wall Street’s top firms have announced their bonuses for associates, with many matching the levels of Cravath, Swaine & Moore, which became the first US firm to set the benchmark for US associate bonuses this year.
Cravath Swaine & Moore has set the benchmark for US associate bonuses becoming the first major law firm to announce its end-of-year awards.
Continue reading “Cravath kicks off bonus season with associates in line for up to $100,000”
FRESHFIELDS BREAKS CITY LOCKSTEP TO BRING IN KIRKLAND’S McKIMM
Freshfields Bruckhaus Deringer’s hire of Kirkland & Ellis high-yield heavyweight Ward McKimm made waves in the City in June. Joining as co-head of European leveraged finance, McKimm’s salary is understood to be well above the firm’s City top of equity.
Clifford Chance has revealed its 2015 pay bands for newly-qualified (NQ) lawyers, matching the £70,000 NQ rates of Slaughter and May while also meeting Linklaters’ higher salaries for those with two and three year post-qualified experience (PQE).
Law firm partners at major City firms are facing the prospect of a substantive hike in tax if the Labour Party forms a government in this month’s general election with current manifesto pledges expected to see many partners at LB100 firms with a five-figure increase in their annual tax bill.
Having confirmed in early spring the launch of a new cost-efficient legal services centre in Birmingham, Hogan Lovells has hired a ten-strong associate team across multiple practice areas and from national firms, including Pinsent Masons, Clarke Willmott and Shoosmiths, to spearhead the venture as well as acquiring new office space within Birmingham’s central business district.
