Slaughter and May has awarded fee-earners a bonus of 10 per cent of their salary, down slightly on previous years because of the uncertain economic climate.
The firm has also reviewed its associate salaries and handed small increases to newly-qualified lawyers (NQs).
NQs have had rates increased from £65,000 to £66,000, while those with six months’ post qualification experience (PQE) will now receive £67,500 up from £67,000.
A bonus has been given out to all Slaughter fee-earners for the last three years, but this year’s rate was 5 per cent lower than the 15 per cent of salary sum handed out in 2007 and 2006.
Non fee-earners are to be given a bonus of 2.5 per cent of their salary. Partners are not included in the scheme.
Executive partner Graham White said: “This reflects what has been a good performance so far, but an uncertain outlook ahead.”
Associates in the firm are also in the midst of salary reviews, which are held every six months to determine whether they will move up the pay scale.
White said moving to a higher band was “pretty much automatic” but there was an opportunity to hold an associate back for poor performance.
In November last year, Slaughters set its non-partner salaries at £65,000 for NQs, £71,500 for those with one year’s PQE and £84,000 for two years’ PQE.
Those rates have remained unchanged until this month’s pay increases for NQ and six months PQE lawyers.