Slaughters slashes trainee bonuses and freezes associate salaries

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  • I thought that all the magic circle firms had stopped trainee bonuses a number of years ago...

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  • Preparing for the coming storm, it's going to be carnage...

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  • If it is like this at the top just imagine what it will be like at Tollers, Thompsons and Dixon Dees.
    I see trouble ahead...

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  • Most people have no idea what is ahead, and what it will really be like, a depression is completely outside the experience of virtually everyone in the UK.

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  • As long as XFactor, Apprentice and shows involving celebrities and dancing are on, many will neither know nor care of the impending economic Armageddon. Neither prepared nor able to adapt, they'll be caught well and truly short. Bread and circuses...

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  • Trainees receiving any bonuses, let alone reduced bonuses = fantastic waste of money.

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  • I'm crying for all of those affected already. Come on guys, get real. Are you seriously suggesting that massive trainee and recently qualified salaries are merited ? When I was as junior as the people getting bonuses and massive salaries in this article, I wasn't really adding value for any client. Skills which really merit bonuses and salaries on a par with those in this article don't come until you're much more qualified.

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  • Lawyers predict economic doom non shocker.
    If all investment decisions were left to lawyers, nobodywould ever buy or build anything because THE NEXT GREAT DEPRESSION WOULD BE JUST AROUND THE CORNER WOOOOOOOO....
    Also, big heh @ "trainees don't add value for clients". Yes they do. Getting due diligence done and CP's checked is valuable to clients. And anyway, bonuses, as ought to be obvious, reflect value to the firm not value to the client. Trainees are billed for, and they earn the firm money.

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  • Slaughter and May is living of his reputation as a great firm but it nees to face reality and seeing that paying less that many firms in the city and treating lawyers badly is not the way forward. Is not all about partners making £2 million!

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  • "Ha ha | 1-Nov-2011 3:34 pm
    I'm crying for all of those affected already. Come on guys, get real. Are you seriously suggesting that massive trainee and recently qualified salaries are merited ?"
    You show me someone who is willing to work till 3am for weeks on end and give up endless weekends for anything less than GBP38 - 43k and I'll show you a mug.
    Trainees, like it or not, play an essential role in law firms and firms need to offer the most attractive packages to attract the highest calibre candidates - otherwise you end up with trainees that make the firm look stupid.
    That aside - the economy is in serious trouble and amidst the swathes of austerity meausures it is unsurprising bonuses are being cut - it's just a pity the Slaughter & May partners didn't take a haircut from the top down rather than bottom up!

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