Legal Business Blogs

Slaughters lifts associate salaries alongside performance-related bonuses

Slaughter and May has increased its salary rates for newly qualified (NQ) associates by £3,000, with junior associates also seeing an increase alongside performance-related end-of-year bonuses.

All associates from NQ to 18 months post-qualification (PQE) will enjoy salary increases, with NQs seeing their pay increase to £83,000 from £80,000. Pay for associates 6 months after qualification will see their pay go up £2,000 to £86,000, while associates one year and 18 months post-qualification will see their pay go up by £1,000 to £89,000 and £93,750 respectively.

Associates achieving a ‘good or exceptional level of performance’ will also receive a bonus this year ranging from 8.25% to 14.5%, depending on PQE level. The bonus figures broadly match the figures from last year, when the firm announced bonuses ranging between 9% and 16% of salary.

The firm says the increases reflect market rates. Trainees, business services, PSLs, secretaries and paralegals will receive a bonus of 3%, which is the same as last year.

Meanwhile, Magic Circle counterparts Allen & Overy increased its NQ rates over the summer by 2.5% to £83,000, which was later matched by Linklaters. Clifford Chance, however, increased pay for NQs more than 4% to £91,000.

The City elite will hope increases to associate pay will slow the attrition of young lawyers to US counterparts, with many US firms offering pay well in excess of £100,000 for entry-level lawyers.

thomas.alan@legalease.co.uk