As with these firms, associates at Lovells will not receive a pay rise through gaining an extra year of post-qualification experience (PQE) with those progressing from two years’ to three remaining on a salary of £80,000 for the next 12 months. Associates with three years’ PQE currently earn £88,000.
Trainees who qualified in March will not see a reduction in their salaries, with the level remaining at £65,000. The firm has not yet decided whether to reduce that for September qualifiers.
Trainee salaries are also still under review.
The firm’s London managing partner Andrew Gamble said: “Given the current difficult conditions and uncertain outlook we’ve taken the position to freeze salaries this year in line with a number of our competitors.”
Lovells has also finalised its London redundancy programme, with a total of 79 people losing their jobs. The firm had been in consultation with 94.
Gamble said: “Of those leaving, around a quarter were voluntary redundancies. We were also able to redeploy some people into new or existing roles and there were also a number of cases where staff resigned from the firm to take on new jobs or pursue other directions.
The bulk of the job losses affected support staff and PAs.