Slaughters freezes pay for London associates after overhaul of pay and benefits
Magic circle firm opts against associate salary hikes for 2017-18 after earlier increases
June 09, 2017 at 07:00 AM
2 minute read
Slaughter and May has opted against increasing London associate pay for 2017-18, after significantly hiking salaries at the start of the year.
Slaughters raised London associate salaries by up to 10% as of 1 January, in a one-off move outside of the firm's regular annual pay review.
A firm spokesperson confirmed: "We are not proposing a further change at this time. It is our intention, however, to keep our scales under review.
"Our associate remuneration is distributed in a way that mirrors the flat lockstep of the firm's partnership and reflects the strong collective belief in Slaughter and May's distinctive no billable hours targets culture."
This January's increases saw newly qualified (NQ) pay rise by 9% to £78,000, while lawyers with one year's post-qualification experience (PQE) saw the biggest rise, with a 10% hike to £87,000. The hikes came alongside the introduction of a wide-ranging overhaul of pay and benefits at the firm, which saw it move away from performance-based pay, a decision that senior partner Steve Cooke said "clearly differentiates" the firm from its competitors.
At the same time, Slaughters also introduced a raft of new reforms, including the introduction of 30 days' annual paid holiday, a four-week paid sabbatical for associates when they reach three years' PQE, and the opportunity for all associates to work from home one day a week.
Slaughters has reviewed associate pay annually in May since 2012, when it dropped its longstanding biannual pay review system.
Separately, RollonFriday has reported that Clifford Chance has handed out an inflation-matching pay hike of 2.7%. The firm declined to comment.
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