News

Slaughter and May raises newly qualified salary to £92k plus bonus in pay package that sees it join the ‘100 Club’

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138

Total package is worth over £100,000

Slaughter and May has followed fellow magic circle outfits Clifford Chance (CC) and Freshfields in upping its total newly qualified (SQ) solicitor packages to £100,000.

Like CC, Slaughters’ headline NQ pay figure is a combination of basic salary and bonus. Legal Cheek has been told that salary figure is £92,000, which with a bonus of around 8.5% would take total earnings to just over £100k.

In contrast, Freshfields is paying £100k basic, with bonuses on top of that. So it is currently winning the magic circle pay war, which has been sparked by soaring US law firm London office NQ salaries. At the top paying US outfits 25-year-olds just out of their training contracts are pulling in an eye-watering £150,000 before bonuses.

The 2019 Legal Cheek Firms Most List

In a statement Slaughter and May said:

“In accordance with our policy of keeping our associate remuneration competitive in the market, we have decided to increase our newly qualified associates’ remuneration (salary and bonus) to a minimum of £100,000. We continue to value and recognise everyone’s contribution by rewarding our associates in a way that reflects the partnership’s flat lockstep structure and by not imposing billing or time recording targets.”

The firm’s pay rise is a big jump on its previous NQ salary of £83,000. Expect moves soon from Allen & Overy and Linklaters, the two magic circle firms to not yet have upped NQ remuneration in 2019.

Check out all the Legal Cheek Firms Most List for full benchmarking of law firm pay.

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138 Comments

Anonymous

Er so not £100k then. Slaughters paying £8,000 less than Freshfields is the real story here.

(52)(7)

Anonymous

Is that not made fairly clear in both headline and article?

(32)(2)

Kirkland Partner

Reading is for betas!

(24)(0)

Big Diggs Higgs

Get back to work

(10)(0)

Anonymous

Bonus at FF is discretionary, so Slaughters NQs have more earning potential.

(22)(8)

Anonymous

Bonus at fried frank is guaranteed yeh baby

(10)(1)

Anonymous

Lmao sure you work at Fried Frank. Back to prepping for your last first year exam gimp

(10)(0)

Anonymous

Is Fried Frank a top US firm? Hard to get into?

Rupert; a US Firm associate

🎶Chick.chick.chick.chick.
CHICKEN!!!!!!

Feedy.feedy.feed.feed.FEED!!!!!🎶

(5)(1)

Rupert; a US Firm associate

WHY IN THE VERY BOWELS OF HELL DO YOU TORMENT ME SO??????????

WHICH ONE OF THEM ARE YOU?????

WHY DO YOU THINK IT IS ACCWPTABLE TO MOCK SOMEBODY’S NAME AND REMIND THEM OF AWFUK THINGS THAT HAPPENED DECADES AGO????

CAN YOU NOT MOVE ON???

DO YOU SPEND YUUR DAYS ON BENEFITS IN YIUR STINKIBG BEDSIT LURKING HERE HOPING THAT I WILL POST SOMETHING SO YOU CAN ATTACK ME????

I AM SUCCESSFUL, DO YOU HEAR? SUCCESSFULL!!!!!!

YOU ARE OBVIOUSLY NOT!!!!

(0)(1)

Anonymous

Unfunny. Get fucked

(1)(1)

Anonymous

We all know FF can only afford this due to its cost cuts over the last half-decade and shet (shettiest of MC) retention rate. Do you even law mate? Or just a FF trainee drinking the koolaid?

(15)(2)

Kirkland NQ

Not enough for a LAMBO

(19)(3)

Stephen A. Schwarzman

Lads, you are just who we need.

Give me a call ASAP.

(9)(0)

Anonymous

1. I’m not sure why your “Lambo” would not be big enough…..is there a certain size requirement you need to feel pleasure?

2. Why are you trying to put a Lambo “in” your cock anyway!

(1)(3)

KIRKLAND DIG BICK

Stfu beta do u even law

(5)(0)

equity

You’ve got to dream little bigger darling ** walks towards G650 on runway **

(2)(3)

Anonymous

…**wakes up in his shared bedroom from G650 wet dream, and realises he pissed and shit himself

(6)(0)

Anonymous

Uncanny!

Did you share a dorm with Rupert “I’m a US Firm Associate” DeBeere too?

Happened to him loads!

(2)(0)

Anonymous

Not bad considering the fisting is probably slightly less consistent and you’ve a slightly better shot at the (stellar) equity.

“Flat lockstep” is surely an oxymoron though?

(23)(1)

Kirkland NQ

Who cares about stellar equity. Give me some of that sweet, sweet, PRIVATE equity baby!

Just about to jump on a call with the founder of a multi-billion dollar PE firm – fakk!

(17)(11)

Anonymous

DDD LLL

(9)(0)

Not a Kirkland NQ

Imagine being so sad that you pretend to be a Kirkland NQ on MULTIPLE articles on Legal Cheek

(58)(2)

Poor Man's Terry Tibbs

You’re not as funny as the Greenberg Glusker guy, or the Jeremy Corbyn one come to think of it.

(15)(0)

His FALLET is WULL, his DIG is BICK

And you haven’t got enough dollah to drive a LAMBO mate

Anonymous

This is so true these people have such sad lives

(5)(0)

Links Night Watch

Why is it that FF needs to be mentioned in every article? Would gladly take £8k less and be at SM rather than a sweatshop like FF.

Now just waiting on Links to hurry the **** up…

(46)(1)

Anonymous

I’m quite certain work/life balance at SM (followed by you guys) is the best amongst the MC. Obviously still not ideal, but you take what you can get

(7)(7)

Anonymous

Not sure why it has this reputation – was savage when I was there.

(6)(0)

Anonymous

The fact that they can’t match freshfields shows that Slaughters is beginning to fall behind the pack now.

(7)(39)

SMNQ

The fact that they don’t need to shows that they are not.

(35)(5)

Anonymous

LOL what an argument

If one firm can’t match another firm’s pay then they are by definition falling behind

Especially if they’re deliberately not bumping up previous cohorts of associates

(0)(4)

US Trainee

Surely FF is falling behind given their retention rates and cost cuts?

Paying 90% of retained trainees £100k actually costs more than paying 80% of retainer trainees £108k…

Valid point re: 4PQE and above at SM tho. Wondering what’s happening there…

(16)(1)

Bandito

[thunderous noise of SM mid-levels storming towards the Gherkin]

(5)(1)

Anonymous

I think you’re conflating “can’t” with “won’t”.

(1)(0)

Anonymous

They haven’t increased pay for mid-level associates so NQs now aren’t far off what a 3-4 PQE associate is paid. Very poor compared to FF and very telling.

(31)(0)

Anonymous

Idk how this parody of a law firm is still considered part of the Magic Circle.

(8)(40)

Midlands Destroyer

Reeks of SM / MC reject lel

(33)(3)

SM Catering

U mad brah?

(3)(0)

Anonymous

Allen & Overy? Your move.

(3)(0)

Mystic Octagon

Mornington Crescent.

(1)(0)

Anonymous

Make a success of Brexit.

(1)(0)

AO

No raise before the merger

(7)(3)

Anonymous

Lmfao the storied O’Melveny merger. A&O is so pathetically shet 😂

(10)(9)

Anonymous

The staff already know

(0)(0)

Links Night Watch

LC keeps deleting any negative comments about FF… lmao people sure are insecure

(12)(1)

Anonymous

Go up to a lawyer at Freshfields, tell them they’re not the best and actually not that bright, and you will see what narcissistic injury looks like.

(3)(1)

Anonymous

💴💴💴💴💴💴💴💴

(0)(0)

Anonymous

Who thinks Silver Circle etc. will follow?

(8)(0)

Anonymous

Lovells have already raised NQ salary to 90k + bonus

(27)(9)

Anonymous

Is this confirmed??

(2)(0)

Anonymous

Confirmed – not bollox

(5)(0)

Anonymous

Utter bollox

(0)(3)

Anonymous

It’s not bs lol future trainees have already got the email

(3)(0)

Anonymous

Lovells is cheap as fuck – 90k+ is fake news

(2)(17)

Anonymous

Lol bye Donald

(3)(0)

Anonymous

Considering Lovells pays less than 90k for like 4PQEs (their pay increments per year are very low), I highly doubt this

(5)(17)

Anonymous

Haters gon’ hate

(1)(0)

Anonymous

They led the pay charts in 2013 so they are not cheap. But as a future trainee I can confirm this is bs

(1)(5)

Anonymous

Firmwide email 2 weeks ago – Legal Cheek were slow here

Anonymous

Ashurst won’t – they already made a big raise recently so these recent raises have been a massive cucking for them

BCLP won’t – just aren’t strong enough to go anywhere this wage war

Travers – expect a raise to 80k+

Macs, HSF – expect a raise to 90k+

(8)(3)

LawyerMe

Simmons on 79k now. Trailing behind.

(2)(0)

Anonymous

We are on 70 over here. We don’t even have offices …thank fuck I am going.

(2)(0)

Anonymous

Where?

Anonymous

US Firm…couldn’t take the battery farm anymore.

Anonymous

US firm from CMS lolololol

Anonymous

Meanwhile I’m still stuck on £70k without a pot to piss in. Thank god I am out of here.

(17)(1)

Anonymous

Shut the fuck up man, you could also work at my shop, I can barely survive on Tesco basics and free food from the Christian mission

(6)(0)

Anonymous

How’s Clyde & Co treating you?

(9)(0)

Anonymous

Can’t compare apples with rotten pears.

(0)(0)

Anonymous

Links and AO are shaking their boots

(1)(3)

Anonymous

70k or 100k -whether you’re earning either or, still a lot of money regardless

(5)(8)

Anonymous

Legal cheek not all US firms are paying NQS £150 k don’t let the first year students get disillusioned there all the same lol

Also I wonder if a US firm in London will ever go up to £200 k as an NQ in future

(9)(2)

QMUL Law Student

Only 200?

(7)(0)

Anonymous

Given five and sixpence at Watney, Glib and Gibbert was once the finest salary post-articles salary in all of Holborn, almost certainly.

(11)(0)

Anonymagic

Of course it will, it’s called inflation over time.

(5)(0)

Anonymous

Lmao at a commercial lawyer / aspiring commercial lawyer not realising inflation happens 😂

(0)(2)

Anonymous

Lawyers as a rule don’t understand inflation – especially when it comes to salary increases. This rise puts the current NQ salary at under a 1% yearly raise on average since the crisis.

(2)(0)

Anonymous

No money mo problems yo

(3)(2)

Mr Wait and See

A&O surely likely to wait until after the merger proposal has been finalised, no?

They may be last to move but, if the merger is approved, are likely to move the most.

(8)(2)

Anonymous

Exactly

(0)(0)

US NQ

My God, £100k + a similar amounts worth of prestige!

Total comp must be.. *grabs calculator*

£100k

(33)(2)

Not a trainee :(

Kirkland needs to step it up and pay NQs £175k+

(33)(11)

Anonymous

The MC firms have pulled a blinder here. There are a handful of US firms in the city hovering around the 115-130 mark and these are not going to raise unless there’s an increase in the US, which there won’t necessarily be. Will stem the flow to US.

(6)(3)

US Elite 2PQE

I disagree. I would be very concerned about this development if I were, say, White & Case. They pay NQs £105,000 but do not compare in terms of prestige and quality deal exposure in London. Who in their right mind would now still pick a TC at White & Case over Freshfields if the NQ package is only £150/month higher after taxes?

(25)(0)

Anonymous

Might stem the flow to other white shoe but non-full service specialist shops in London though. I suppose there’s more to it than cash and people move for more responsibility etc.

(3)(0)

Anonymous

Will almost certainly stem the flow to the likes of White & Case, Shearman, etc.

Will do nothing to stop people going to the likes of Kirkland, STB, Skadden, Latham, Quinn.

Question for LC

Are you going to report on RPC’s 42% retention rate, or does your obsession with retention figures not extend to them as they are a main sponsor?

(37)(0)

Anonymous

Careful, Alex will delete your comment!

(19)(0)

Comments are closed.

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