In a move which could curb law firms’ ability to share profits based on actual performance, yesterday’s (23 November) Autumn Statement by Chancellor Philip Hammond revealed plans to shake up profit sharing arrangements in partnerships. Continue reading “Law firm model at risk as Hammond reveals plans to tackle ‘partnership taxation’ in autumn statement”
Akin Gump revamps associate pay to reflect volatile pound post Brexit vote
Akin Gump Strauss Hauer & Feld has reviewed its associate salaries and will pay junior lawyers according to exchange rates in light of a volatile pound. This means the firm’s London-based newly-qualified (NQ) lawyers will see salaries swell to $180,000, which at current exchange rates is nearly £150,000.
Continue reading “Akin Gump revamps associate pay to reflect volatile pound post Brexit vote”
First Osborne Clarke LLPs show revenue up as highest paid member takes home 22% more
Osborne Clarke (OC) has published its first set of LLP results for its UK and US offices which show an increase in annual revenue of 17% to £114.7m from £98.2m, while the firm’s highest paid member took home a fifth more than the year prior. Continue reading “First Osborne Clarke LLPs show revenue up as highest paid member takes home 22% more”
The LB100: Partner Earnings
Brexit blues: Addleshaws and Gowling WLG freeze pay as a result of referendum vote
Both Addleshaw Goddard and Gowling WLG have frozen their August salary reviews until the autumn as a result of Britain’s vote to leave the EU.
Brexit fallout: US firms feel the pressure in London but A&O and Freshfields commit to New York pay increases
With most US law firms experiencing something of a slowdown in the London market following the instability around the referendum on the UK’s membership of the EU, and subsequent Leave victory, questions remain around whether investment will keep coming or be held back to focus on other markets.
Updated: Keeping up with the US – Freshfields and Clifford Chance match Cravath associate pay rates
In a bid to compete with its US rivals, Freshfields Bruckhaus Deringer and Clifford Chance have followed in the footsteps of Cravath, Swaine & Moore, matching the salaries of its US-based associates, bringing pay to $180,000.
Following suit: Four firms match Cravath associate pay boost
Predictions of a pay war have proved correct after four US firms followed Cravath, Swaine & Moore into bumping up their associate pay.
Continue reading “Following suit: Four firms match Cravath associate pay boost”
Starting a war: Cravath lifts associate pay for the first time in almost ten years
In a move likely to trigger similar increases amongst its rivals, Cravath, Swaine & Moore has lifted associate pay for the first time in almost ten years, bumping up base pay to $180,000.
Associate pay up across Magic Circle as Freshfields wraps bonuses into base salaries
NQs at Freshfields receiving £17.5k extra
Newly-qualified (NQ) solicitors at Freshfields Bruckhaus Deringer have received the largest bump in pay of the Magic Circle so far this year, taking home around 25% more than last year.
At Freshfields, NQ pay packets have been boosted by an extra £17,500 after the firm announced it would be folding in its discretionary bonuses, with pay set to rise 26% to £85,000 on last year’s figure of £67,500. The move follows a freeze last year.