Law firm partners at major City firms are facing the prospect of a substantive hike in tax if the Labour Party forms a government in this month’s general election with current manifesto pledges expected to see many partners at LB100 firms with a five-figure increase in their annual tax bill.
Nearshoring: Hogan Lovells hires ten-strong associate team and acquires new office space for Birmingham venture
Having confirmed in early spring the launch of a new cost-efficient legal services centre in Birmingham, Hogan Lovells has hired a ten-strong associate team across multiple practice areas and from national firms, including Pinsent Masons, Clarke Willmott and Shoosmiths, to spearhead the venture as well as acquiring new office space within Birmingham’s central business district.
Hogan Lovells hires ten-strong associate team and acquires new office space for Birmingham nearshoring venture
Having confirmed in early spring the launch of a new cost-efficient legal services centre in Birmingham, Hogan Lovells has hired a ten-strong associate team across multiple practice areas and from national firms, including Pinsent Masons, Clarke Willmott and Shoosmiths, to spearhead the venture as well as acquiring new office space within Birmingham’s central business district.
The nearshoring venture, dubbed the Legal Service Centre and led by London partner Alan Greenough, who will relocate to Birmingham to manage the office, will now house teams comprising three associates within the practice areas of corporate, disputes and real estate, and a tenth specialist in real estate finance. Hires include the real estate lawyers, Shoosmiths’ senior associate Mark Saunders, Clarke Willmott associate Balraj Kaur and Pinsent Masons associate Abigail Gisbourne, who are all set to join in early November. The trio will initially start working out of the London office before relocating in order to integrate with the real estate team. All associates are expected to join by January at the latest.
Salaries: Allen & Overy thaws out and increases trainee/associate pay
After having decided to freeze pay earlier this year, Allen & Overy (A&O) has decided to up trainee, junior and mid-associate level pay after reviewing the salary market at half year.
Continue reading “Salaries: Allen & Overy thaws out and increases trainee/associate pay”
Cleary bumps up London junior pay in end to salary freeze
Cleary Gottlieb Steen & Hamilton has increased its trainee and junior-level associate pay following a salary freeze, pushing second year post qualification experience (PQE) lawyers into a six digit sum. Continue reading “Cleary bumps up London junior pay in end to salary freeze”
Slaughters, A&O and Linklaters announce associate pay increases
Trainees, NQs and PQEs to receive salary boost.
Setting the bar for trainee, newly-qualified (NQ) and associate pay last month were early Magic Circle movers Slaughter and May, Allen & Overy (A&O) and Linklaters, as Ashurst, Hogan Lovells and Shearman & Sterling were among other firms to announce changes.
Linklaters’ decision to increase pay pushes it ahead of the Magic Circle pack, with first-year trainees’ pay up by £500 to £40,000, and NQ salaries by £1,000 to £65,000. One-year post-qualified experience (PQE) associates also took home an extra £1,000 to £70,500, while two and three-years PQE saw more substantial increases, up by £3,750 and £4,500 to £82,000 and £93,500 respectively. These increases are significantly higher than last year, when pay rose by £2,250 and £1,000 respectively for two and three-year PQE associates.
Continue reading “Slaughters, A&O and Linklaters announce associate pay increases”
Eversheds UK associates largest beneficiary of partner promotions in 21-strong round
Eversheds’ UK associates are the beneficiary of over half of the top 15 firm’s latest partner promotions as 21 lawyers join its partnership ranks. Continue reading “Eversheds UK associates largest beneficiary of partner promotions in 21-strong round”
Travers senior lawyers to be paid for interruptions to family life as firm adopts more merit-based model
Travers Smith has become the latest City firm to overhaul its lockstep for senior associates in a bid to incentivise and reward lawyers for their hard work and interruptions to family life as they approach partnership.
Led by managing partner Andrew Lilley and pensions partner Paul Stannard, a 10-month review has concluded that Travers should continue to operate a strict lockstep for junior and mid-level associates, under which they receive an annual bonus at the end of the year. However, a new, more merit-based system will now be introduced for senior lawyers, including an additional one-off payment for those that have experienced disruption in their personal lives and increased flexibility from the lockstep structure for associates with six years’ post qualification experience (PQE). Continue reading “Travers senior lawyers to be paid for interruptions to family life as firm adopts more merit-based model”
CC bumps starting pay to £63,500 with bonuses giving junior associates chance to earn over £100,000
Despite generally gloomy market conditions there were renewed signs of underlying confidence at top London firms with Clifford Chance (CC) joining its peers today (4 June) in announcing rises in associate and trainee pay and bonuses for the year ahead.
The firm is the last of the Magic Circle to announce pay changes across the board, adding an extra £2,000 to newly-qualified (NQ) lawyers’ pay packets, up to £63,500 from last year’s £61,500, a rise of 3%. Continue reading “CC bumps starting pay to £63,500 with bonuses giving junior associates chance to earn over £100,000”
Old normal update – Linklaters outpaces Slaughters to hike starting associate pay by £2,500
A further reminder comes this week that despite much talk of the pressure on the legal market (see Comment: Things I would have said about the future of law if I hadn’t forgotten my notes), leading City players continue to be highly profitable with Linklaters announcing on Tuesday (7 May) that it is raising its salary bands for associates. Continue reading “Old normal update – Linklaters outpaces Slaughters to hike starting associate pay by £2,500”