Edwards Wildman Palmer has launched a review into its associate pay system as it looks to assess how associate salaries compare with its rivals in the UK.
The review is part of an annual global assessment by the firm in which partner pay and associate salaries are confirmed. Sources say there are not expected to be any changes made to the firm’s partner remuneration system or associate lockstep.
In London it is understood that the firm has collected external data to benchmark its associate salaries with rival, usually silver circle firms. The move is similar to that of a number of firms, including Travers Smith, which consult recruiters or external businesses when deciding associate pay (24 September 2012).
The office is not thought to compare itself with other US firms in the City, some of which offer a newly-qualified salary of £100,000 (13 November 2013).
A decision on associate pay is expected to be made next month, but the firm gave no suggestion as to whether it would loosen its associate remuneration scheme.
Edwards Wildman Palmer was formed on 1 October 2011 by the merger of Edwards Angell Palmer & Dodge and 150-lawyer Chicago firm Wildman Harrold Allen & Dixon (15 August 2011). In 2012, the firm posted its first post-merger financial results, revealing an 18 per cent increase in total revenue from $297.9m to $352.7m in 2011.
At the London end of the business, 2011 saw a string of laterals join the firm, further adding to the top line. UK revenue stood at £25m that year.