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Lovells has raised newly-qualifieds' salaries by 6 per cent to overtake Allen & Overy (A&O), but it still trails Linklaters as this year's first associate salary hikes are revealed.
Lovells has increased its newly-qualifieds' salaries from £50,000 to £53,000. The firm has also increased its performance-related bonus for all associates from a maximum of 20 per cent to 30 per cent from 2007.
Linklaters has increased newly qualified lawyers' salaries by 6 per cent to £55,100, as first revealed on www.thelawyer.com (29 April). The firm is increasing salaries for fee-earners in London by between 5.5 and 12 per cent, depending on seniority.
Meanwhile, A&O, which announced a 20 per cent rise in associate pay in November 2005, has increased its newly-qualifieds' salaries by just £1,000 to £52,000.
Linklaters has also unveiled additional work-life balance benefits for its legal staff. The firm has launched the 'Time Bank Scheme', which allows those associates and trainees who have a 90 per cent utilisation rate to an extra day of paid leave every quarter. These days can be rolled into a mini-sabbatical of up to 20 days.