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.
Firm’s merit-based remuneration system sees it top the pay league
Despite freezing its salary bands Freshfields Bruckhaus Deringer’s new merit-based arrangement puts it well above UK peers by pay, even if the systems are not entirely comparable.
It stills pays its career milestone (CM) foundation lawyers (NQs in non-Freshfields-speak) £65,000-£72,500 depending on performance and excluding bonuses. This rises to £80,000-£92,500 for CM1, the next level up, £100,000-£107,500 for CM2 and at least £115,000 for CM3.
Associates move up bands when Freshfields sees fit. Trainees get £39,000 in their first year and £44,000 in their second.
The closest pay rival in the group is Linklaters, which awards £64,000 to NQs, £69,500 for lawyers at 1 PQE, £78,250 for 2 PQE and £89,000 for 3 PQE, while trainees start on £39,500.
Slaughter and May pays marginally less, at £63,000 for NQs, £69,500 for 1 PQEs, £78,000 for 2 PQEs and £87,500 for 3 PQEs, with trainees on £39,000 for first-years and £44,000 for second-years.
Allen & Overy now pays £61,500, £68,500, £74,500 and £86,000 to NQs and 1, 2 and 3 PQEs respectively. Trainees are on £38,000 in year one and £43,200 in year two.
Clifford Chance has not revealed its 2013/14 pay, but last year handed £61,500 to NQs plus a bonus of up to £12,300, while 1 PQEs were on £69,000 (bonus of up to £20,700), 2 PQEs took £76,300 (plus maximum bonus of £22,890) and 3 PQEs earned £87,000 (plus up to £26,100).