Linklaters plans merit-based element for associate pay
Linklaters is set to introduce a performance-based salary model for London-based associates with post-qualification experience (PQE) of two years or more. The firm said the new remuneration structure will ensure the firm remains "highly competitive". The new pay system forms part of the firm's 'Our Deal' - a recently launched commitment to the partnership. The new structure will come into effect from 1 May 2014 and will ensure salaries better reflect individuals' contributions. The firm is not making changes to its existing bonus structure.
December 03, 2013 at 12:30 PM
2 minute read
Linklaters is set to introduce a performance-based salary model for London-based associates with post-qualification experience (PQE) of two years or more.
The firm said the new remuneration structure will ensure the firm remains "highly competitive".
The new pay system forms part of the firm's 'Our Deal' – a recently launched commitment to the partnership.
The new structure will come into effect from 1 May 2014 and will ensure salaries better reflect individuals' contributions. The firm is not making changes to its existing bonus structure.
Litigation partner Michael Bennett, who led the salary review, said: "Feedback from associates indicates they would like to see individual performance playing a greater role in overall remuneration. The changes we are proposing will help address this and reflect the firm's commitment to offer our people the most attractive overall package."
Other firms to introduce merit-based pay structures include RPC which last month abolished the traditional flat rate salary for newly-qualified lawyers (NQs).
Although there will be a slight reduction in the current NQ rate at RPC, the highest performing NQs will be able to earn above the upper rate of the magic circle firms.
Earlier this year Slaughter and May overhauled its associate appraisal system and yesterday announced that it had increased bonuses to fee earners with 4.5 to 6.5 years' PQE of up to 12%, while those with 2.5 to 4 years' PQE will gain a 10% bonus.
In 2009 Freshfields launched a new framework for associate development in London with the firm taking a step away from PQE as a means of grading lawyers.
The new structure divides the associate career through three distinct 'milestones', with fee earners needing to meet specific criteria in order to move past each milestone.
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