Eversheds freezes base salaries for associates

Eversheds has frozen associate base salaries in London and the regions as the firm fully enforces its new performance-related remuneration structure.

The firm froze its newly-qualified (NQ) salaries at £62,000 in London, while those in the regions stay on £39,000.

For lawyers with one year’s post qualification experience (PQE), the pay band sticks at between £61,000 and £68,000 in London, while elsewhere the lower end of the band is £37,250 with a top salary of £40,500.

Eversheds HR director Lucy Adams said all salaries are now based on performance, so there is no automatic increase other than awards on merit.

“Performance related pay increases are common place amongst our clients and this builds on our move last year away from the traditional partner remuneration system of lockstep and our introduction of a performance related reward system for our partners,” she said.

“These changes are not only about creating a culture where top performers are recognised for their achievements, but it is also an act of prudence in the current economic climate.”

Eversheds pay freeze for junior lawyers follows that of Allen & Overy (The Lawyer, 9 May) and Norton Rose (16 May).

Both Herbert Smith (19 June) and Olswang ( 11 June) announced pay freezes but then back-tracked to keep in line with their rivals.