Sidley Austin is paying new associates joining bonuses of up to £100,000.
A team of seven lawyers is joining Sidley from fellow US firm Kirkland & Ellis, reports The Lawyer. However on top of their starting salary of £115,000 for a 3PQE, the lateral hires will receive a lump sum equivalent to the amount they would have earned during the remainder of 2016 if they had stayed at Kirkland*.
It is not known whether Sidley's golden handshakes are intended to compensate the associates for the bonuses they might have been awarded if they had stayed at K&E, or whether they are a simple inducement to join Sidley or else some of catastrophic HR/recruitment admin error. But in any event it is highly unusual for a firm to pay such a fee and shows the determination of US firms to develop European businesses in the most profitable areas, even if that means substantial start-up costs. Sidley recently poached six other associates and six partners from Kirkland. Kirkland meanwhile has added 14 new partners during the same period, with news of K&E's fabulous parties presumably clinching the deal.
A spokeswoman for Sidley Austin told RollOnFriday that it "respectfully declines to comment".
*RollOnFriday staff all have considerable legal experience and hereby offer themselves up to be laterally hired by Sidley Austin for a paltry signing bonus equivalent to just one month's RollOnFriday pay, a mere £400k, cheap as chips. They can kiss boots, lick pencils, make fetching hatstands and are happy to work as late as 6pm.
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A team of seven lawyers is joining Sidley from fellow US firm Kirkland & Ellis, reports The Lawyer. However on top of their starting salary of £115,000 for a 3PQE, the lateral hires will receive a lump sum equivalent to the amount they would have earned during the remainder of 2016 if they had stayed at Kirkland*.
"I'm currently on...£1.3 million?" |
It is not known whether Sidley's golden handshakes are intended to compensate the associates for the bonuses they might have been awarded if they had stayed at K&E, or whether they are a simple inducement to join Sidley or else some of catastrophic HR/recruitment admin error. But in any event it is highly unusual for a firm to pay such a fee and shows the determination of US firms to develop European businesses in the most profitable areas, even if that means substantial start-up costs. Sidley recently poached six other associates and six partners from Kirkland. Kirkland meanwhile has added 14 new partners during the same period, with news of K&E's fabulous parties presumably clinching the deal.
A spokeswoman for Sidley Austin told RollOnFriday that it "respectfully declines to comment".
*RollOnFriday staff all have considerable legal experience and hereby offer themselves up to be laterally hired by Sidley Austin for a paltry signing bonus equivalent to just one month's RollOnFriday pay, a mere £400k, cheap as chips. They can kiss boots, lick pencils, make fetching hatstands and are happy to work as late as 6pm.
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