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 boosted its associate and trainee pay last week, making its lawyers among the best paid in the City.
Traditionally, the top 10 firm conducts biannual pay reviews and last week's rises come just six months after Slaughters followed other firms by improving associate and trainee salaries.
Slaughters associates across all PQE bands have seen their take-home pay boosted. Lawyers with two years' PQE saw the biggest rise, of 7.7 per cent. They now earn £84,000, up from £78,000. Those with one year's PQE receive £71,500, up from £67,000.
Slaughters trainees now take home £38,000 in base salary during their first seat and £43,000 during their second seat, increases of 5.6 per cent and 7.5 per cent respectively.
Freshfields remained sanguine about Slaughters' move. Freshfields' HR director Tim Cole commented: "Obviously, we monitor salaries across the market as closely as possible, but our practice is to make adjustments in May each year."
Meanwhile, Slaughters newly qualifieds' pay was nudged up by 2.3 per cent to £65,000, in line with magic circle rivals Allen & Overy and Freshfields.
In addition, associates and trainees at Slaughters are eligible for a discretionary 15 per cent bonus. The firm has no chargeable hours target.
Linklaters is the only top 10 firm that offers both its trainees and associates a performance-related bonus of up to 40 per cent, as well as a firmwide bonus.