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.
Slaughter and May has boosted trainee and associate pay for the first time since 2011, with junior lawyers getting a two per cent wage hike.
The top ten City firm has increased salaries by an average of 2 per cent for all junior lawyers but has only modestly boosted one year post-qualification experience (PQE) associates’ salaries.
Newly-qualified lawyers will also receive a pay rise of 2.4 per cent with salaries rising by £1,500 from £61,500 last year to £63,000 this year.
A salary for one year PQE associates now stands at £69,500 compared with £69,000 last year, a rise of 0.7 per cent.
For two year PQE associates salaries are also up by £1,500 from £76,500 to £78,000, a rise of 2 per cent.
Three year PQE associates, meanwhile, received £86,000 last year and will now be paid £87,500, a 1.7 per cent rise.
The firm has also boosted trainee salaries by 2.6 per cent from £38,000 to £39,000 for first year trainees and from £43,000 to £44,000 for second year trainees, a rise of 2.3 per cent.
Richard Clark, incoming executive partner, said: “We look to see what the market is and our assessment is that this is the right and fair thing to do. We are cautiously optimistic - the economic climate is still very uncertain but I think all of our competitors would say that.”
Previously the firm reviewed salaries twice a year. In November 2011, it kept associate and trainee salaries static while NQ salaries increased from £61,000 to £61,500 (31 October 2011). In May 2011, wages rose by an average of 2 per cent (5 May 2011).