Slaughter and May has increased its associate salaries across the board, by as much as 10%.
Trainees will make an extra grand a year, with salaries rising to £41,000 for first years and £46,000 for second years. NQs get a five grand rise to £70,000, and lawyers with 1PQE are now on £75,500 (previously £70,000), 2PQEs are on £87,000 (£79,000) and 3PQEs on £96,500 (£89,000). That's a 10% rise for 2PQE lawyers. And of course individual lawyers will also move up a tier with each year of qualification too.
The increase in salaries means that Slaughters now vies with Freshfields to be the highest paying firm in the Magic Circle. Allen & Overy, Clifford Chance and Linklaters are behind the game a little - but surely they will now follow suit.
Richard Clark, Slaughters' Executive Partner, said that the increases "reflect the fact that we recognise the importance of rewarding our lawyers for their hard work and commitment to the firm."
*OK, OK, it doesn't include bonuses or take account of salary variations within each band, but it does give an indication of what each firm is prepared to spend on its talent.
Tip Off ROF
Trainees will make an extra grand a year, with salaries rising to £41,000 for first years and £46,000 for second years. NQs get a five grand rise to £70,000, and lawyers with 1PQE are now on £75,500 (previously £70,000), 2PQEs are on £87,000 (£79,000) and 3PQEs on £96,500 (£89,000). That's a 10% rise for 2PQE lawyers. And of course individual lawyers will also move up a tier with each year of qualification too.
One Bunhill Row yesterday |
The increase in salaries means that Slaughters now vies with Freshfields to be the highest paying firm in the Magic Circle. Allen & Overy, Clifford Chance and Linklaters are behind the game a little - but surely they will now follow suit.
£k |
NQ |
1PQE |
2PQE |
3PQE |
Total post qualified earnings over four years* |
|
A&O |
64.0 |
69.5 | 78.5 | 89.0 | 301 | |
Clifford Chance |
67.5 | 72.5 | 84.0 | 93.5 | 318 | |
Freshfields | 67.5 | 77.5 | 87.5 | 100.0 | 333 | |
Linklaters | 65.0 | 70.5 | 82.0 | 93.5 | 311 | |
Slaughters | 70.0 | 75.5 | 87.0 | 96.5 | 329 |
Richard Clark, Slaughters' Executive Partner, said that the increases "reflect the fact that we recognise the importance of rewarding our lawyers for their hard work and commitment to the firm."
*OK, OK, it doesn't include bonuses or take account of salary variations within each band, but it does give an indication of what each firm is prepared to spend on its talent.
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People are worth what the market will pay.
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What planet are you on?
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Remove travel of £150ish. This leaves £3,250 for rent and living expenses.
Clapham flat share is around £750-800 for 'city lawyer' standard. Call it £1k if you are picky.
Think that a Holborn studio or 1-bed is affordable for these NQ's in light of the above.
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Having made the move to a smaller firm for lifestyle considerations (no regrets yet!) it's still interesting to see how the law firm landscape continues to evolve in the city.
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And before anyone asks, I'm just a former MC lawyer with no particular agenda - I don't work in a US firm nor will I ever. The MC firms just seem so short sighted about all of this though and have to find a way to retain the talent. This generation isn't in it for a less than "maybe" chance of partnership after c10 years of ruining your life. Glad I'm out of it all to be honest.
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I assume someone at a US firm will also have equal chances to move laterally to a top 30 as partner, so their point stands?
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Having made the jump from MC to US last year, my hours are not significantly different and so far I have worked opposite MC firms on majority of my deals. Fewer paid holidays, true, but that comes together with a much more flexible work environment. MC firms do have their appeal - secondment opportunities with clients, other offices and potentially across departments, an easy route to in-house jobs etc but not sure hours, quality of work, quality of team, reputation of firm are among those.
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Also anonymous at @20.54 and @10.06 are correct - Links 2.5 pqe has not jumped to 100k, but the jump from 1.5 pqe to 2.5 pqe is now a 20k increase.
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