DAC Beachcroft will reward top-performing partners with more generous bonuses after the top-25 Legal Business 100 firm voted through changes to its remuneration structure.
The national firm has introduced the new bonus scheme with immediate effect following a full governance review, removing a cap on the level of profit going into its merit pool to allow for more flexibility in remuneration. Continue reading “Profitability drive sees DAC Beachcroft hike bonuses to incentivise top performers”
A little more light has emerged on the going rate for junior lawyers at the Magic Circle, with Allen & Overy (A&O) and Clifford Chance (CC) this week confirming more details on their new pay scales.
A&O confirmed that it has increased its pay bands for junior lawyers, with newly-qualified (NQ) solicitors earning £81,000 in salary, a 3% rise on the previous rate of £78,500. As a result of the revamp, first-year trainees will earn £44,000, rising to £49,000 in year two. The City giant has disclosed no details on bonus awards. Continue reading “Squaring the Circle: A&O and CC confirm more details as associate pay is stoked higher”
Amid a simmering market for junior City lawyers, Freshfields Bruckhaus Deringer has opted to hold the line on associate salaries following a round of bumper increases in 2016.
Newly-qualified (NQ) solicitors at the Magic Circle firm currently earn £85,000. This rate was established last year when the City giant substantially overhauled its comp structure to hike base salaries from £67,500 to £85,000, a 26% rise. The increase included the rolling in of bonuses, though overall compensation was also increased.
Ince & Co has made use of its new bonus pool for the first time, with the firm allocating around one third of its profits to reward high-performing partners for the 2016/17 financial year.
Legal Businessunderstands the use of the bonus pool has shifted the firm’s equity spread from £140,000 – £430,000 in the financial year 2015/16 to £140,000 – £550,000. Continue reading “Ince’s new partner bonus pool sees top of equity jump 28%”
Vinson & Elkins(V&E) has increased its London associate and trainee solicitor salary levels, boosting newly qualified salaries 20% to £120,000 and first-year trainee salaries by 11% to£50,000.
The firm announced the rates this week (20 July), alongside its second-year associates pay. They will receive a pay rise of 15% to £127,000 (from £110,000 previously), while the firm boosted third-year salaries to £140,000, a 17% increase from £120,000 last year. Meanwhile, the firm hiked second-year trainee salaries 17% to £55,000. Continue reading “20% hike at Vinson pushes associate starting pay to £120k as US leaders heat up City talent market”
King & Spalding litigation partner Christopher Wray, nominated as FBI director, earned $9.2m for his partnership share over the last eighteen months, according to documents.
Ashurst has retained 95% of its 20-strong second year trainee cohort, with 19 of those in London accepting permanent newly-qualified (NQ) solicitor contracts at the firm.
Akin Gump has increased trainee salaries by 12% and 8% for first and second years respectively, with the group representing the first trainees the US firm has taken on, while its newly qualified (NQ) pay remained static this financial year.
Travers Smith, Macfarlanes and Jones Day have all boosted their junior lawyers pay in this year’s review, in contrast to Herbert Smith Freehills and CMS McKenna Nabarro Olswang which have held pay for London associates, with some regional pay rises.
Pay rises continue to ripple through the top-end legal services market despite the uncertain outlook for the City. The latest to go is London giant Linklaters, which has nudged up its base rate for junior lawyers by £1,000, handing newly-qualified (NQ) solicitors £82,000.
