Following a record financial year that has seen Allen & Overy (A&O) move ahead of Magic Circle rivals Linklaters and Freshfields Bruckhaus Deringer in turnover, the firm’s associates will see a £20,000 increase in their base salaries as the firm incorporates bonuses into the annual pay packet.
Continue reading “£20k pay hike for A&O associates as firm folds bonuses into salary bands”
FRESHFIELDS BREAKS CITY LOCKSTEP TO BRING IN KIRKLAND’S McKIMM
Freshfields Bruckhaus Deringer’s hire of Kirkland & Ellis high-yield heavyweight Ward McKimm made waves in the City in June. Joining as co-head of European leveraged finance, McKimm’s salary is understood to be well above the firm’s City top of equity.
London associates at Herbert Smith Freehills (HSF) have had their salaries bumped up by between £4,000 and £8,000 as competition for City talent continues.
Continue reading “Herbert Smith Freehills pitches into City salary war with associate pay increases”
City firm Mishcon de Reya has appointed external consultant duo, Alan Hodgart and Robbie Cowan, to help shape its 10-year strategy plan. With the review already well underway, proposals tabled include its merit-based pay structure with an emphasis on altering the way it rewards origination points.
This second quarter has seen Allen & Overy (A&O) launch a comprehensive review with external consultants drafted in to look at both its pay structure for junior lawyers and to compare the firm’s levels of pay against market rates.
White & Case has announced it is making significant increases in salaries across its associate pay scale with newly-qualified (NQ) lawyers set to receive 20% more in 2015 and take home £90,000.
Within days of Clifford Chance (CC) announcing its pay bands in the associate salary race to match Magic Circle peers, Freshfields Bruckhaus Deringer has decided to freeze salaries for junior lawyers at 2014’s levels.
Clifford Chance has revealed its 2015 pay bands for newly-qualified (NQ) lawyers, matching the £70,000 NQ rates of Slaughter and May while also meeting Linklaters’ higher salaries for those with two and three year post-qualified experience (PQE).
The first US firm to release its London salaries for the new financial year, Shearman & Sterling has maintained the salary gap it holds over Magic Circle rivals, offering newly-qualified lawyers (NQs) £88,000 a year, £5,000 more than in 2014.
Linklaters has revealed its salary bands for junior lawyers in London with newly-qualifieds (NQs) receiving a £3,500 pay bump to £68,500 while those with three year post-qualified experience (PQE) had a 5% increase to £98,500.
