Linklaters redundancy package” />The full details of the proposed Linklaters redundancy package have emerged, with staff effectively offered five months pay as well as a lump sum based on time served at the firm.
A source within Linklaters said that lawyers would leave at the end of February, and would be paid for March and April.
They will also receive a three month notice pay-off and three-weeks pay for every year spent at the firm, including time spent as a trainee.
A three-year PQE associate that trained at the firm, spending five years in total at Linklaters, would therefore get a pay-out of roughly £64,000.
The package is based around time spent at the firm. A more senior lawyer joining only a year ago would still only receive the five months pay plus three weeks pay.
Linklaters is providing outplacement services, including setting up a ‘Resourcing Centre’ in the firm’s London office providing access to recruitment consultants.
The redundancy programme, which will see more than 200 jobs go in the firm’s UK office and include partnership cuts, is part of an push to change the shape of the firm called Project New World (23 January).
The Linklaters package in full:
Three year PQE salary (gross): £90,800
Five years worked times three weeks salary (gross): £26,192
Three months notice payoff (gross): £22,700
Two months pay (gross): £15,133
Total redundancy package (gross): £64,025