US Law Firm Latest to Hold London NQ Pay Decision Due to COVID-19
The move follows a similar decision made by Linklaters on Friday and suggests that the usual annual NQ pay war will look different this year.
June 18, 2020 at 08:45 AM
2 minute read
Money
The usual pay war between law firms seeking to retain their newly qualified (NQ) lawyers seems unlikely to be fought with the usual verve this year, with White & Case the latest firm to delay the announcement of its London NQ salaries because of the coronavirus' impact.
The firm has delayed its decision on whether it will be increasing its NQ salaries, according to two people at the firm.
According to one person "in the current circumstances" no decision has been made about when or whether the firm will increase its salary levels. As a result, London trainees qualifying in August are set to receive the current NQ rate of £105,000 for now, the person added.
One London White & Case partner said that the decision to delay was due to the firm not wanting to appear "insensitive" in a time of wider financial stress and pay cuts across the industry.
White & Case's move comes shortly after Linklaters announced that it has not yet confirmed its NQ salary rates for the coming year due to the "extraordinary economic circumstances created by the impact of COVID-19″.
Freshfields Bruckhaus Deringer and Herbert Smith Freehills, meanwhile, have opted to hold their NQ pay at the same rate as last year, having raised to £100,000 and up to £105,000 respectively in 2019.
In May, Slaughter and May cut its NQ salaries by £5,000 for its trainees qualifying in September due to the coronavirus.
In recent months law firms across the U.K. and international markets have announced a range of financial measures aimed at limiting the impact of the coronavirus pandemic on their businesses, which include furloughing staff and suspending partner payouts and drawings.
Earlier on Thursday Baker McKenzie confirmed it has taken a series of measures in its London office to better protect
Read More:
Linklaters Holds NQ Pay Decision As Reed Smith Cuts Trainee Spots
US Firm Implements Layoffs of Associates in London, Citing COVID-19
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