Firm leapfrogs magic circle rivals … and its lawyers will get a day off on their birthdays
Newly qualified (NQ) lawyers at magic circle giant Linklaters could now pocket as much as £91,000, in a move that will have US outfits in the City looking over their shoulders.
Having completed a firm-wide review into how Linklaters could improve its “reward offering”, it appears the resounding response from the firm’s young legal talent was more cash.
From 1 May a newly qualified lawyer at Linklaters — who is deemed a “high performer” — could walk away with as much as £91,000 including bonuses. Even a “median performer” — the lowest rung of performer at the firm — will still pull in around £81,000.
Until today, an NQ at the magic circle outfit walked away with a very respectable £68,500 a year. With potential NQ earnings now sitting at £91,000, this marks a staggering increase of £22,500.
Leaping to the very top of the magic circle pay leader board, the One Silk Street player now pays its NQs a full £12,500 more than its nearest magic circle rival Allen & Overy, where NQs currently take home £78,500. But spare a thought for the associates at Freshfields. Languishing at the bottom of the magic circle pay table — with a salary of £67,500 — a Linklaters NQ could now earn as much as £23,500 more than a Freshies rookie.
The extra cash hasn’t just been reserved for NQs. Associates at one year post qualification experience (PQE) level could earn as much as £101,000, rising to £119,000 in year two. And lawyers at 3PQE will get as much as £130,000.
Bonus levels won’t just be based on how many hours you spend at your desk, according to Linklaters. In determining how much cash is thrown an associate’s way, management will asses rookies’ “client and business development” as well as “knowledge and learning”.
Alongside the pay boosts, the elite outfit — which offers a market-leading 110 training contracts annually — wants its lawyers to spend more time away from the office.
Annual leave entitlement will increase from 25 to 27 days, and lawyers can take a further day off during the month in which their birthday falls. Improvements to the firm’s “time off in lieu scheme” will also be implemented to ensure associates take time off after particularly long spells in the office, or as the Linklaters puts it, periods of “very high utilisation”.
There will also be an opportunity for the firm’s lawyers to take a four-week sabbatical, two weeks paid and two weeks unpaid, at “particular career stages”. Furthermore, to “improve consistency”, lawyers — but not trainees — will be able to spend one day a week working from home.
Satindar Dogra, head of Linklaters’ London dispute resolution practice said:
The objectives of this review were to improve and differentiate our reward offering, which is key to attracting, motivating and retaining the highest calibre and highest performing talent in the market. We believe that the changes we are implementing do that, providing a strong and positive message to our people while standing out within the market as an extremely competitive and well rounded proposition.
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