The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
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.
This year’s first round of associate salary reviews has been an all-round disappointment. Although there were several pay-freezes and a couple of modest increases, unlike during the previous downturn there have been no cuts, as this year firms have been buffered by strong financials carrying through from the first half-year.
Herbert Smith led the pessimism in April by freezing salaries across the board. Allen & Overy (A&O) also froze associate salaries, but managed to remain competitive with its magic circle rivals’ conservative increases.
NQs in the magic circle now find themselves in close proximity, earning between £65,000 at A&O and £66,600 at Clifford Chance and Linklaters.
Despite A&O’s freeze and Freshfields’ cautious 2 per cent increase, their threeyear PQEs earn £92,500 and £92,000 respectively – a little more than Clifford Chance’s £89,500 and Linklaters’ £90,800.
Simmons & Simmons, meanwhile, froze first-year trainee salaries and upped its NQ pay by only £500.
The mid-market saw a little more life, with Bird & Bird hiking trainee salaries by 19 per cent and NQ salaries by £5,000, or 9 per cent, to £60,000. Berwin Leighton Paisner is yet to announce NQ salaries, but in the meantime raised one year-PQE wages by 6 per cent to £70,000.