Linklaters has cut associate pay bands by an average of 7 per cent and slashed bonuses across the firm. Linklaters associates will move up through the salary bands this year, but reduced rates mean that most junior lawyers will receive a pay rise of between just 2 and 4 per cent. The Linklaters announcement means that first-year trainees will continue to receive £37,400. Newly qualified rates fell by 7.6 per cent to £61,500; one year-PQE rates dropped by 3.4 per cent to £68,000; two year-PQE salaries fell by 11.6 per cent to £73,000; and three year-PQEs will receive £85,000, down 6.4 per cent on the previous year. Support staff, however, will not receive a pay rise this year, with rates frozen at current levels, and the firmwide performance-based bonus pool will be smaller than last year’s.
Herbert Smith has pounced on the Madrid office of Linklaters for three partners to open an office in the city. The firm has brought four Spanish lawyers in total into its partnership for the launch. They include former Linklaters M&A and restructuring partner Alvaro Sainz and Miguel Riaño, an energy and infrastructure specialist. The hires […]