Magic circle firm flashes the festive cash
Slaughter and May will be giving its trainees and newly qualified (NQ) lawyers a late Christmas present this year: a salary increase to come into effect in January 2018.
NQs at the magic circle giant will soon earn base pay of £80,000, a rise of £2,000 or 3% from £78,000, to “reflect current market rates” a spokesperson told Legal Cheek.
The firm’s bonuses are staying steady, the spokesperson continued:
“Associates achieving a good or exceptional level of performance will again receive a bonus this year ranging from 9% to 16% depending on whether they are NQs or on the number of years’ post-qualification.”
This news comes six months after Legal Cheek reported the firm was freezing lawyer pay. “Associate salary scales were increased on 1 January 2017 following a major review of employee reward and recognition, and therefore we are not proposing a further change at this time”, a spokesperson said in June.
It’s happy days for trainees at the firm too.
First years, who are currently on £43,000, will soon enjoy an increase of £1,000 (2%) to £44,000. This is the same salary currently paid to first-year trainees at firms including: Allen & Overy, DLA Piper, Hogan Lovells and Norton Rose Fulbright. Clifford Chance pays slightly more (£44,800), while new trainees at fellow magic circlers Linklaters and Freshfields get £43,000.
Slaughter’s second years get a £1,000 (2%) boost too, up to £49,000. This puts the firm on a par with rivals Allen & Overy and Linklaters, while Freshfields pays £48,000. Clifford Chance’s lot get the most: £50,500.
Lawyers who are six months into their solicitor journey at Slaughter’s will soon earn £84,000 a year (up from £82,500), while one-year PQE salary will be £88,000 (up from £87,000).