The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
A NEWLY-PUBLISHED survey reveals that 1994 was the year of performance-related pay (PRP) for large London-based law firms.
Salaries are now linked to performance in nearly 60 per cent of City firms. Two-thirds of those introduced PRP last year, according to a survey of London practices with more than 25 partners.
The research into employee benefits by recruitment consultants Quarry Dougall also reveals a wide variation in staff perks.
Some firms offer a range of benefits, including pensions, enhanced maternity pay and a Christmas bonus, while others offer just a straight salary.
Consultant William Cock says: "Perhaps at the forefront of assistant solicitors' minds are the pension arrangements on offer, ranging from firms which do not operate a scheme through to those that operate their own scheme and contribute as much as 11 per cent to the employee's annual salary."
Firms not offering a pension have had to increase the basic salary to attract solicitors from firms that do offer a pension, says Cock.
Most London law firms provide private health insurance, death-in-service benefit and financial assistance for travel to work. Half provide enhanced maternity benefits and 20 per cent offer paternity pay ranging from three days to a fortnight.