Shearman & Sterling‘s UK associates will see another increase to their salaries with newly qualified (NQ) lawyers taking home £10,000 more starting this month. Continue reading “Shearman hikes UK associate pay following 14% increase in City revenue”
In February it emerged A&O used its bonus pool to hire a three-partner Paul Hastings team. The US firm’s leveraged finance head Bill Schwitter joined A&O’s New York office as the firm’s global co-head of high-yield alongside partner Michael Chernick and capital markets partner Jeffrey Pellegrino.
Allen & Overy (A&O) has broken lockstep again for a New York finance team hired last week, about six months after it used its rejigged remuneration system to bring in a four partner leveraged finance team. Continue reading “‘We can compete’: A&O breaks lockstep again for new Manhattan finance team”
Fortunes at the Bar remain sharply split between haves and have-nots, with new research projecting just over 2,000 barristers now earning less than £30,000 annually, while at the other end of the spectrum, 2,562 are on course to earn over £240,000 during the current financial year.
The most recent Judicial Attitude Survey has revealed that a high proportion of senior judges are intending to quit the judiciary in the next five years, citing an array of grievances. Continue reading “‘A relentless treadmill’: Nearly half of senior judges are considering quitting amid pay and workload grievances”
CMS Cameron McKenna is to stretch its top of equity to accommodate the highest-earning Nabarro partners, as the firms prepare for their tripartite merger with Olswang on 1 May. Continue reading “Camerons to raise top of equity to keep Nabarro heavyweights”
Associates at Slaughter and May will receive salary increases of up to 10% as of January 2017 following a major review of the firm’s pay structure, as well as options for working from home and a paid sabbatical. Continue reading “Slaughters seeks to maintain no billable hours culture with associate pay revamp”
Madeleine Farman reports on recent remuneration changes among the City elite
With the growing threat of losing star partners to aggressively-expanding US firms, the Magic Circle’s traditional remuneration models have come increasingly under pressure. Last month Linklaters voted through changes to its remuneration model, while at press time Clifford Chance (CC) was due to complete a review of where partners should sit on its lockstep in a bid to retain key contributors and manage under-performers, 18 months after voting through the last set of changes.
PARTNERSHIPS AT RISK IN AUTUMN STATEMENT
Chancellor Philip Hammond signalled a change to partnership taxation in November’s Autumn Statement, which is expected to impact law firm pay. Hammond said he will shake up profit-sharing arrangements, and according to UHY Hacker Young tax partner Roy Maugham, the government will propose that partnerships must decide their profit-sharing arrangements at the beginning of the tax year rather than at the end, regardless of how individuals perform.
Magic Circle firms Allen & Overy (A&O) and Clifford Chance (CC) have stepped up to match bonus levels rewarded by leading Wall Street firms. Continue reading “US bonuses: CC and A&O match Cravath reward of up to $100,000 for associates”
