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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Magic circle firm Freshfields Bruckhaus Deringer is increasing associate salaries after announcing it would be allowing its lawyers to move up the lockstep earlier this year.
Freshfields, which was the first firm to lift its pay freeze in February, has now confirmed that it will be upping its newly qualified (NQ) pay to £60,000 from £59,000 - a far cry from the £66,000 it had paid its NQs pre recession.
Meanwhile, an associate with one year’s post qualification experience (PQE) will take home £68,000 as opposed to £66,000 previously.
The salary for a two-year PQE has gone up from £73,000 to £75,000, while the three-year rate will be unchanged at £86,000.
Freshfields also confirmed that the pay for first year trainee solicitors will remain unchanged at £39,000, while second year trainees will continue to receive £44,000.
The news comes after Slaughter and May announced last week that it would also be unfreezing its salaries and moving associates up to the next pay band (see story).
The firm has also boosted associate salaries but has stopped short of increasing newly qualified (NQ) associate or trainee solicitors’ salaries meaning NQs will continue to pocket £61,000.
This puts Slaughters’ NQ salary on a par with Allen & Overy, which has recently announced a modest rise in associate pay for all its lawyers.
The salary for a two-year PQE at A&O has gone from £65,000 to £74,000, while the three-year rate will be £85,000, up from £71,500 (see story).