Marco Cillario assesses the background to RPC’s decision to abandon all-equity structure
At a November press event held by a top-25 UK law firm, Legal Business was struck by a sudden spike in the guests’ interest in RPC. The 76-partner firm has long been a respected insurance and litigation business, and solid mid-weight operator, but not generally a firm to cause too many ripples of interest among peers. Continue reading “RPC’s surprise partnership shake-up signals focus on next generation but is the firm still playing too safe?”
As the associate pay war rages, Thomas Alan finds major firms are falling back on cultural tropes in the expensive jostle for trainee talent
When Freshfields Bruckhaus Deringer announced in May a pay hike for newly-qualified salaries, rising from £85,000 to £100,000 with bonuses on top, new battle lines were drawn in the war for junior talent. Continue reading “Prestige, cash and a bit of spin: how to get ahead in trainee recruitment”
Herbert Smith Freehills (HSF) has joined the ranks of firms upping their associate pay commitments, boosting its compensation package to £105,000 including salary and bonuses.
The figure is a 13% increase on the £93,000 the Anglo-Australian firm announced last year. Though the firm would not disclose the underlying basic salary, the new structure is meant to place greater emphasis on associates’ performances and less on post-qualified experience (PQE). Continue reading “HSF hikes associate pay package to £105k as firms jostle for talent”
Linklaters has finished off the Magic Circle’s robust response to associate pay increases from US firms in London, raising its pay package for newly-qualified solicitors (NQs) to match its rivals.
The pay boost will see the total cash payable to NQs reach £100,000, including a salary and a discretionary bonus, while top performers will be set to receive more. The firm did not disclose the new base salary – or how it would increase for more senior associates – however the figure is a considerable rise from the £83,000 in basic pay Linklaters announced last year. Continue reading “Linklaters digs down back of sofa to match rivals’ £100k associate pay packages”
Allen & Overy (A&O) has become the latest Magic Circle firm to hike its salary for newly-qualified solicitors (NQs) to £100,000, narrowly beating a similar commitment from final holdout Linklaters.
The move will see NQs take home a minimum of £100,000, including bonus, marking a 20% uptick on the £83,000 salary set by A&O less than a year ago. Continue reading “A&O pips Links to the post in Magic Circle NQ pay hikes”
Slaughter and May is bolstering associate pay to a £100,000 including bonuses, becoming the latest of the City elite to play its hand on lawyer salaries.
The move comes after Freshfields Bruckhaus Deringer and Clifford Chance (CC) both hiked their newly-qualified (NQ) pay to £100,000 in a bid to head off the ever-increasing threat from US rivals. Continue reading “Pay for today: Slaughters boosts associate remuneration package to £100k as talent war intensifies”
The news last month that Freshfields Bruckhaus Deringer was to push through the highest real-terms pay rises by a major City firm for a decade is a significant moment for the London legal market.
The decision to hike its associate pay scale, raising its benchmark rate for newly-qualified solicitors from £85,000 to £100,000 is a bold and expensive step for the City giant. Back-of-the-envelope calculations suggest such a move, which will put Freshfields well ahead of its Magic Circle peers, comes at an annual cost in the region of £10m. Continue reading “Paywars III – City elite caught between rock and hard place”
Clifford Chance (CC) has become the second Magic Circle law firm to raise the starting pay for its associates to £100,000, a month after City rival Freshfields Bruckhaus Deringer announced a similar increase.
In a move signalling the widening impact of the pressure for talent from US firms on the City elite, CC has raised its compensation for newly qualified (NQ) solicitors from £91,000 including bonuses. Continue reading “CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies”
The news this week that Freshfields Bruckhaus Deringer was to push through the highest real-terms pay rises by a major City firm for a decade is a significant moment for the London legal market.
The decision to hike its associate pay scale, raising its benchmark rate for newly-qualified solicitors from £85,000 to £100,000 is a bold and expensive step for the City giant. Back-of-the-envelope calculations suggest such a move, which will put Freshfields well ahead of its Magic Circle peers, comes at an annual cost of more than £10m. Continue reading “City paywars: a history lesson – Freshfields hikes hark back to era of Magic Circle domination”
Freshfields Bruckhaus Deringer is fighting the war on talent by becoming the first Magic Circle firm to raise its pay for newly-qualified (NQ) solicitors to £100,000.
The £15,000 salary uptick is symbolic, given the pressures imposed on the City elite by US competitors in recent years. There will also be a discretionary bonus on top of the new NQ salary. Continue reading “Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals”