Allen & Overy ups senior associate entry pay by 5% as other salaries held at November levels
Allen & Overy has hiked minimum salaries for its senior associates in the only change to its junior pay scale for this financial year.
May 08, 2014 at 08:19 AM
2 minute read
Allen & Overy (A&O) has hiked minimum salaries for its senior associates in the only change to its junior pay scale for this financial year.
The firm's senior associates, which are eligible for promotion from 4.5 years' post qualification experience (PQE) onwards, will pocket a minimum of £105,000, up from £100,000.
Salaries for lawyers below senior associate level have not changed after the firm increased rates for all its junior lawyers at the financial half-year mark last November.
Associates with two year's PQE and three years' PQE received the largest salary increases, with the former taking home £78,500, up 5.4% from £74,500. Those with three years' PQE gained a salary increase of £3,000 to £89,000.
At the same time the firm's newly-qualified lawyers saw their salaries increase by £1,000 to £64,000, while one-year PQE lawyers will take home £69,500 following a similar rise.
A spokesman for the firm said: "We will be increasing the entry level salary for senior associates from 1 May 2014. Having raised salaries for other associates in November 2013, pay for all grades below senior associate will remain unchanged from 1 May 2014.
"We normally review rates at the start of the year, but given we usually come out first we always monitor the market and make adjustments if necessary to ensure that our salaries remain competitive."
A&O is the second magic circle firm to unveil its associate pay rates for 2014, after Slaughter and May upped salaries for its junior lawyers by between 0.7% and 3.2% last week.
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