The firm previously announced solid financial growth.Macfarlanes Becomes Latest to Cut NQ Pay
The firm is set to pay out individual and firmwide bonuses as usual, however.
August 03, 2020 at 07:14 AM
2 minute read
Macfarlanes has cut its newly-qualified (NQ) lawyers' salary on a provisional basis by £5,000.
The firm is now handing out a base salary of £80,000 for its NQ lawyers on a provisional basis, pending a salary review in the autumn, according to two people at the firm. Individual and firmwide bonuses will be paid in addition to this as usual.
Last year, the firm boosted its NQ base salary to £85,000 from £80,000. Including bonuses, NQ lawyers could previously see their salaries rise up to £110,250 a year.
Macfarlanes announced strong financial results earlier on Monday, including an increase in revenue of 9.5%, profits by 14% and a PEP raise of 10% for the financial year 2019-20.
The firm has also hired Ropes & Gray finance partner Malcolm Hitching.
Its decision to cut NQ pay follows that of several other firms which trimmed NQ salaries in June and July including Baker McKenzie, DLA Piper and Jones Day, in an effort to curb a potential financial hit from COVID-19.
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