Slaughter and May has announced salary rises for all associates and an extra five days' holiday a year.
The firm said that 84% of its staff responded to a recent employee survey, and they were pretty clear as to what they wanted. They liked the fact that associates of the same level of qualification get paid the same rates, but thought those rates should be hiked. A spokesman confirmed that pay will continue to "be distributed in a way that mirrors the flat lockstep structure of the firm’s partnership" but that rates would increase in January as follows:
Jolly good. But the firm is still at the bottom of the table when it comes to Magic Circle pay. A 3PQE associate gets £111,000 at Linklaters, £112,500 at Freshfields, £115,000 at Allen & Overy and £120,500 at Clifford Chance. Although all staff will also get a bonus at the end of this month. Associates will get between 9% and 16%, depending on PQE, in line with last year. Everyone else (including PSLs) will receive a bonus of 3%. Clearly some employees are more equal than others...
Staff will also see their holiday rise from 25 to 30 days' per year, and a four week paid sabbatical will be introduced for associates when they reach three years’ PQE. All associates will "have the opportunity" to apply to work one day a week from home with effect from 1 January 2017. Let's see how that plays out.
Steve Cooke, the firm's Senior Partner, said “there is a strong collective belief in our no billable hours targets culture and indeed 95% of associates believe that billable hours targets would have a detrimental effect on the firm’s culture... Further, the overwhelming message from our associates and trainees is that they do not want to see pay differentiated on the basis of performance. We will therefore continue to remunerate in a less differentiated and more egalitarian way than many of our competitors. We have a very strong sense of a “one firm” culture and the desire to be all in it together.”
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The firm said that 84% of its staff responded to a recent employee survey, and they were pretty clear as to what they wanted. They liked the fact that associates of the same level of qualification get paid the same rates, but thought those rates should be hiked. A spokesman confirmed that pay will continue to "be distributed in a way that mirrors the flat lockstep structure of the firm’s partnership" but that rates would increase in January as follows:
PQE |
New rate |
Current rate |
NQ | £78,000 | £71,500 |
1PQE | £87,000 | £79,000 |
2PQE | £98,500 | £90,250 |
3PQE | £108,000 | £99,750 |
Jolly good. But the firm is still at the bottom of the table when it comes to Magic Circle pay. A 3PQE associate gets £111,000 at Linklaters, £112,500 at Freshfields, £115,000 at Allen & Overy and £120,500 at Clifford Chance. Although all staff will also get a bonus at the end of this month. Associates will get between 9% and 16%, depending on PQE, in line with last year. Everyone else (including PSLs) will receive a bonus of 3%. Clearly some employees are more equal than others...
Staff will also see their holiday rise from 25 to 30 days' per year, and a four week paid sabbatical will be introduced for associates when they reach three years’ PQE. All associates will "have the opportunity" to apply to work one day a week from home with effect from 1 January 2017. Let's see how that plays out.
Slaughter and May partners discuss a request for flexible working |
Steve Cooke, the firm's Senior Partner, said “there is a strong collective belief in our no billable hours targets culture and indeed 95% of associates believe that billable hours targets would have a detrimental effect on the firm’s culture... Further, the overwhelming message from our associates and trainees is that they do not want to see pay differentiated on the basis of performance. We will therefore continue to remunerate in a less differentiated and more egalitarian way than many of our competitors. We have a very strong sense of a “one firm” culture and the desire to be all in it together.”
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Typical, disgusting, sociopathic solicitors - only concerned with having more money than their friends and colleagues. Half your salaries should be taken away and given to teachers, junior doctors, and builders who are the real deserving people in this country! Shame on you all.
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You might not have realised just how narrow-minded, money-lusting and patronising your response is. If you are a solicitor then you have evidenced some of my assertions.
What's more, your anger is barely disguised. Be true to yourself and express it fully rather than holding back next time.
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1. Do you feel solicitors are particularly undeserving of their pay compared to, say, someone who runs a small IT business, a footballer or a surgeon? If so, why?
2. If you simply feel that income inequality (as opposed to wealth inequality) is generally a bad thing and more needs to be done to remedy it, then the logical suggestion would to increase the higher rates of tax across the board. Is this not your position, and if not, why?
3. I am interested to know whether you feel that the law firms are “disgusting” for paying their staff what they do, or whether you feel the staff are “disgusting” for taking a job at the firm, or possibly both?
4. Law firms are private enterprises which pay their staff no more than they have to in the employment market. Like any other industry, law firms’ revenues are determined by what their customers are willing to pay in the (competitive) market for legal advice. I’m not saying everything is perfect in the world of city law, but what are your particular objections to what is set out in this paragraph? Please also mention if you believe what I have written here is factually incorrect.