Freshfields NQs to make at least £65k as new merit pay system kicks in
Freshfields Bruckhaus Deringer has confirmed associate salaries under its new merit-based pay scheme, with newly-qualified (NQ) lawyers set to make at least £65,000 - £3,500 more than those at rival magic circle firms.
May 08, 2012 at 08:51 AM
3 minute read
Freshfields Bruckhaus Deringer has confirmed associate salaries under its new merit-based pay scheme, with newly-qualified (NQ) lawyers set to make at least £65,000 – £3,500 more than those at rival magic circle firms.
The firm has outlined salary ranges for all four of its 'milestone' pay bands, which came into effect from the start of this month and which replace the previous system of paying associates based on how many years post qualification experience (PQE) they had.
The bands are made up of a foundation level with a salary range of between £65,000 and £72,500, which will include most lawyers of between NQ and one years' PQE.
Level one, where the salaries range from £80,000 to £92,500, will contain the majority of lawyers with between two years' PQE and four years' PQE, while level two, where salaries will range from £100,000 to £107,500, will typically house lawyers with upwards of four years' PQE.
Pay for milestone three starts at £115,000 and there is no upper cap for lawyers in this band, where associates will typically have six years' PQE.
The firm confirmed that no associate will receive less than they were on last year, however as the entire system is merit-based, they could be slotted into a higher than average pay band based on individual performance. The firm's existing associate bonus scheme will continue to apply.
The rates put Freshfields' pay ahead of its magic circle peers, where NQ pay stands at £61,500 for those to have announced so far – Slaughter and May, Linklaters and Allen & Overy. Freshfields paid its NQs £61,500 last year.
Trainee salaries remain unchanged for the second year running at £39,000 and £44,000 for the first and second year respectively.
Freshfields first touted the milestones idea in 2009, however it was not formally introduced until April 2011 when associates were placed into one of the four levels, but continued to be paid according to the PQE system.
The firm has stated that bonuses for 2011-12 will be determined by assessing individual performance and contribution, the financial performance of the firm, the London office and particular practice groups.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBird & Bird Steers Katjes in Bittersweet Dispute with Lindt & Nestlé Over Vegan Chocolate Patent
Hong Kong Bourse Seeks Feedback on IPO Price Discovery, Takes Steps to Boost Capital Markets Activity
Big Four Japanese Firm Mori Hamada Launches Foreign Joint Law Enterprise, Joins Rebrand Drive
US Wins Trade Dispute with Mexico Over Genetically Modified Corn
Trending Stories
- 1Decision of the Day: Administrative Court Finds Prevailing Wage Law Applies to Workers Who Cleaned NYC Subways During Pandemic
- 2Trailblazing Broward Judge Retires; Legacy Includes Bush v. Gore
- 3Federal Judge Named in Lawsuit Over Underage Drinking Party at His California Home
- 4'Almost an Arms Race': California Law Firms Scooped Up Lateral Talent by the Handful in 2024
- 5Pittsburgh Judge Rules Loan Company's Online Arbitration Agreement Unenforceable
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250