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Slaughter and May has announced modest pay rises for all its associates and increased its firmwide bonus for both fee earners and support staff.
The end-of-year bonus will equate to eight per cent of salary, in contrast to the five per cent paid in 2009, which represented a halving of the previous year’s rate as a result of the downturn.
Support staff, meanwhile, will receive a bonus of three per cent of salary, up from 2.5%, and all bonuses will be paid out in December.
Additionally, fee earners are to receive a marginal increase in base salary, with an increase of less than one per cent for junior lawyers through to three per cent for those with three years’ experience.
This increase will mean that from this month salaries will range from £61,500 for a newly qualified (NQ) lawyer through to £84,500 for those with three years’ post-qualification experience (PQE).
This compares to £61,000 for NQs and £82,000 for those with three years’ PQE at present. Trainee rates, however, will remain static at £38,000 for first-years and £43,000 for second years.
Executive partner Graham White said: The increase in scales is designed to put our salaries in line with the market while remaining consistent with our principle of taking a prudent approach to the management of our business at a time when the economic outlook remains uncertain. The bonus is to recognise the great contribution our people - both lawyers and non-lawyers - have made to the success of the practice over the past 12 months”
The decision was made as part of Slaughters’ biannual pay review, which sees salaries reviewed in April and October, with the bonus looked at as part of the October review.