Slaughters to freeze salaries after pay review
Slaughter and May has become the latest firm to freeze salaries in response to the difficult economic climate, it was announced today (2 April).Executive partner Graham White confirmed that Slaughters has opted to hold salaries across the firm at current levels as a result of its 2009 salary review. The decision, which could be reviewed again later this year, means lawyers will receive the same in 2009 as they did in 2008 despite having one year's more experience.
April 02, 2009 at 07:51 AM
2 minute read
Slaughter and May has become the latest firm to freeze salaries in response to the difficult economic climate, it was announced today (2 April).
Executive partner Graham White confirmed that Slaughters has opted to hold salaries across the firm at current levels as a result of its 2009 salary review.
The decision, which could be reviewed again later this year, means lawyers will receive the same in 2009 as they did in 2008 despite having one year's more experience.
Trainees who qualified last month will receive £66,000, with the firm expecting to look at the situation again in the summer for their September qualifiers, when it could decide to drop its newly-qualified rate.
The firm also told staff that it has no plans to defer the start dates of training contracts for future trainees.
Slaughters' salary freeze comes as the firm, which has so far avoided either legal or support redundancies, moves to control costs in light of the economic downturn.
White told Legal Week: "One of the objectives is to make sure we do not have to have a redundancy programme. We want to make sure we do not have to defer trainees or their start dates."
He added: "Our clients are under significant costs pressures and we thought it was right to work hard to contain our costs. It is just a prudent approach to managing the firm."
The move leaves Linklaters the only magic circle player yet to announce a salary freeze. Clifford Chance (CC) announced earlier this week that it was freezing pay at 2008 levels and dropping its NQ rate from September to £59,000 – a cut of more than 11%. Allen & Overy and Freshfields Bruckhaus Deringer had already announced similar moves.
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