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Linklaters has today (30 April) confirmed that it will increase associate salaries in London by up to 16 per cent from tomorrow.
As revealed on www.thelawyer.com (19 April), the magic circle firm has boosted its salaries for associates with one year’s PQE by 14 per cent to £69,000, while two-year PQEs will see an increase of 15 per cent, to £81,000. Associates with three years' PQE can look forward to a pay rise of 16 per cent to £89,000.
Trainees in their first seat will receive £36,000 and newly qualifieds will see their salaries bumped up to £64,000.
The move means that Linklaters edges £500 ahead of Clifford Chance at the newly qualified level and £3,000 at one-year’s PQE.
Linklaters, however, did not outstrip Allen & Overy (A&O), which will be paying £2,500 more for one-year PQEs (£71,500) and £3,000 more for two-year PQEs (£84,000).
However, if bonuses are included into the final packages that associates will receive, Linklaters pushes ahead of A&O and Clifford Chance.
All staff will receive a profit-related bonus, which is yet to be decided as it will be based on the firm's overall profit.
On top of this, individuals will receive bonuses of up to 40 per cent of their salary.
Last year the magic circle firm introduced its ‘time bank’ scheme, in which associates who have had a 90 per cent performance in one term can apply for a day in lieu. These additional days can be "banked" for up to 20 days to allow lawyers a "mini-sabbatical".
So far more than 1,200 days have been banked by associated.
Of the magic circle firms, Slaughter & May and Freshfields Bruckhaus Deringer are yet to announce their pay rises though these are expected imminently.