Slaughter and May has awarded bonuses of between 9% and 16% to all its associates. In addition it has raised trainee, NQ and 1PQE salaries.
Al lawyers within their PQE band will receive the same discretionary performance bonus. At the top end of the scale it means that 5PQEs will take home an extra 16% of their annual salary.
The bonuses will arrive in a lump sum in associates' December paypackets, and mirror the sizeable percentages awarded last Christmas. Slaughter and May takes a semi-socialist approach to bonuses, awarding everyone in a band the same amount instead of tying them to hours worked by an individual or veins popped in service to the firm.
The firm has also raised some junior salaries. With effect from January 2018, trainee salaries will rise by £1,000, the NQ salary by £2,000, the 6 month PQE salary by £1,500 and the 1PQE salary by £1,000.
The firm has not raised the salaries of middle-ranking PQE bands, casting this round of raises as a rebalancing exercise to bring its trainee, NQ and 1PQE salaries in line with the market. Albeit the Magic Circle market, not the US firm market. In a letter seen by RollOnFriday, Executive Partner Paul Stacey told staff that the raises were being implemented because "we aim to pay broadly in line with the average of the other Magic Circle firms' total cash (salary and bonus)". He didn't make a point of it, but last year the firm held a sweeping benefits review which saw all salaries rise, along with improved holiday entitlements.
However, a spokesman did not rule out further increases next year, telling RollOnFriday that a salary review would take place in the spring.
Tip Off ROF
Al lawyers within their PQE band will receive the same discretionary performance bonus. At the top end of the scale it means that 5PQEs will take home an extra 16% of their annual salary.
| PQE | Bonus % |
| NQ - 0.5 PQE | 9% |
| 1 - 2 PQE | 12% |
| 2.5 - 4 PQE | 14% |
| 4.5 - 6.5 PQE | 16% |
The bonuses will arrive in a lump sum in associates' December paypackets, and mirror the sizeable percentages awarded last Christmas. Slaughter and May takes a semi-socialist approach to bonuses, awarding everyone in a band the same amount instead of tying them to hours worked by an individual or veins popped in service to the firm.
 |
Surely one 3PQE will spend her bonus wisely. |
The firm has also raised some junior salaries. With effect from January 2018, trainee salaries will rise by £1,000, the NQ salary by £2,000, the 6 month PQE salary by £1,500 and the 1PQE salary by £1,000.
| PQE | Current salary | New salary |
| First year trainee | £43,000 | £44,000 |
| Second year trainee | £48,000 | £49,000 |
| NQ | £78,000 | £80,000 |
| 1PQE | £87,000 | £88,000 |
| 2PQE | £98,500 | £98,500 |
| 3PQE | £108,000 | £108,000 |
The firm has not raised the salaries of middle-ranking PQE bands, casting this round of raises as a rebalancing exercise to bring its trainee, NQ and 1PQE salaries in line with the market. Albeit the Magic Circle market, not the US firm market. In a letter seen by RollOnFriday, Executive Partner Paul Stacey told staff that the raises were being implemented because "we aim to pay broadly in line with the average of the other Magic Circle firms' total cash (salary and bonus)". He didn't make a point of it, but last year the firm held a sweeping benefits review which saw all salaries rise, along with improved holiday entitlements.
However, a spokesman did not rule out further increases next year, telling RollOnFriday that a salary review would take place in the spring.
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