Slaughters raises annual fee earner bonus to 8% after pay review
Slaughter and May is set to increase its firmwide bonus, which was halved last year as a result of the downturn, and give fee earners a marginal increase in base salary. The magic circle firm is to pay all fee earners, including trainees, an end-of-year bonus equating to 8% of salary - a significant increase on last year's payout, when the bonus was halved to 5% of salary.
November 03, 2010 at 08:26 PM
2 minute read
Salaries to increase for junior lawyers; trainee rates remain static
Slaughter and May is set to increase its firmwide bonus, which was halved last year as a result of the downturn, and give fee earners a marginal increase in base salary.
The magic circle firm is to pay all fee earners, including trainees, an end-of-year bonus equating to 8% of salary – a significant increase on last year's payout, when the bonus was halved to 5% of salary.
Meanwhile, support staff will receive a bonus of 3% of salary, up from 2.5% in 2009. All of the bonuses will be paid out in December.
The decision was made as part of Slaughters' biannual pay review, which sees salaries reviewed in April and October, with the bonus looked at as part of the October review.
Salaries for fee earners will increase by less than 1% for junior lawyers through to 3% for those with three years' experience. The increase means that, from this month, salaries will range from £61,500 for a newly-qualified (NQ) lawyer through to £84,500 for a lawyer with three years' post-qualification experience (PQE). This compares with £61,000 for NQs and £82,000 for those with three years' PQE at present.
Trainee rates will remain static at £38,000 for first-years and £43,000 for second-years.
The latest increases bring Slaughters' salaries in line with the rest of the magic circle at the junior end but still behind the likes of Linklaters and Freshfields Bruckhaus Deringer for those with three years' PQE.
Slaughters executive partner Graham White (pictured) said: "Our decision to increase pay bands and the flat rate bonus is intended to give encouragement to people and recognise everyone's commitment and contribution during the year."
In common with many City law firms, Slaughters last year halted associates' progression and froze the pay bands at 2008 levels. The firm lifted the freeze in April.
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