Newly-qualified UK lawyers at Shearman & Sterling will see salaries pushed up £7,000 to £95,000 this year as City salaries soar. Rises of between 7% and 10% have been dished out across the associate ranks, with more experienced associates set to trouser up to £12,000 extra a year. The salary increases took effect from 1 May, 2016.
Continue reading “Shearman ramps up associate pay as war for talent intensifies”
Law firms are increasingly obsessed with the challenge of engaging their Millennial associates. Legal Business separates buzzword from BS
Just what is it that you want to do?
We wanna be free.
We wanna be free to do what we wanna do.
LOADED, PRIMAL SCREAM
It was a very different legal market in 2007 when Simon Harper and a group of colleagues at Berwin Leighton Paisner geared up for the launch of Lawyers On Demand (LOD). Amid boom time for legal services, few knew what to make of a flexi-lawyering business. Working on initial marketing, the idea was hit upon to draw on the famous freedom refrain from Primal Scream’s 1990 song Loaded (actually a sample from the cult film The Wild Angels). The intent was to reach a new generation of lawyers: a generation that in law and in other industries would increasingly be known as Millennials. The impact was immediate, recalls Harper. ‘What made LOD fly was the changing attitudes to work. Some of the CVs we got were amazing.’
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 “To Gen X partners and Millennial associates…”
Magic Circle firm Slaughter and May has followed up steep rises in salary earlier this year with bumper bonuses as high-performing junior lawyers pocket over £15,000.
Continue reading “Christmas comes early for Slaughter and May associates with biggest bonuses yet”
The yearly contest to attract new talent has started with Magic Circle duo Slaughter and May and Linklaters both making salary hikes of over 5% for junior lawyers, while Hogan Lovells kept pace by bumping its junior pay up to match Slaughters’ £70,000 newly-qualifieds’ (NQs) salary.
Although Linklaters reported its NQs received a £3,500 pay increase to £68,500, this was still behind Slaughters, which has traditionally been a bellwether of trainee and associate salaries among the Magic Circle and gifted an 8% wage bump to NQs, taking them to £70,000. However, Linklaters’ salary bands were increased more aggressively higher up the associate ladder as both two and three-year post-qualification experience (PQE) lawyers were given sizeable salary increases that topped Slaughters.
Continue reading “Slaughters starts salary race with £70k for NQs”
Traditionally a bellwether of trainee and associate salaries among the Magic Circle, Slaughter and May has made significant hikes to the salaries it pays junior lawyers.
Continue reading “Slaughter and May raises associate pay with NQs getting £5,000 boost”
Slaughter and May has increased the size of its annual bonuses, with associates qualified for more than four and a half years set to receive an additional 15% on top of their salary.
The US bonus season, usually led by Cravath Swaine & Moore, has this year seen Simpson Thacher & Bartlett kick-start the process ahead of the traditional schedule, and set a very high bar for the rest of the American elite firms.
Magic Circle firm Clifford Chance (CC) has significantly raised its salary package for its newly qualified (NQ) lawyers and junior ranks.
Salaries will be raised across the board, with first year trainees seeing an increase from £39,000 to £40,500 while year two trainees will receive an extra £1,500 to £45,500. Continue reading “Associate pay 2014 – ‘A good year’ sees CC boost salaries and bonuses across the board”
Shearman & Sterling has announced a salary boost for its English-qualified lawyers, increasing pay levels across the firm’s three-tier merit based system by up to 6.4%. Continue reading “Associate pay: Shearman raises English-qualified lawyers’ salaries by up to 6.4% across the board”
