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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.

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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.

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138 Comments

Anonymous

Brothers! Sisters!

This is sheer greed for young folks in their twenties!

Prime Miniater Jeremy Corbyn will appropriate this surplus for the common good!

Taxed at 75% to pay for NHS pensions!

VOTE LABOUR

FOR THE MANY, NOT THE FEW

(4)(8)

K&E GHERKIN

KIRKLAND BIG 10/10 RETENTION STELLAR 100%

NY TO $200k LETS GO

(3)(4)

Anonymous

Anyone confirm if HL NQ is now 90?

(6)(0)

Anonymous

Confirmed

(4)(0)

Anon

Confirmation of A&O 100k? Heard rumours…

(2)(0)

A&O M&A Trainee

£100k inc bonus was confirmed internally 3 weeks ago.

(15)(0)

Anon

What’s the breakdown? Any idea on an announcement?

(3)(0)

A&O M&A Trainee

£95k base and up to 10% bonus. I don’t know anyone who didn’t get at least 7.5% last year so £100k inc bonus is the norm now at A&O. No idea when management will announce.

(14)(1)

CC Trainee

Probably because management does give a rats arse about whether salary news hit LegalCheek or not. Those weighing up qualification decisions last week were basing it on internal decisions and announcements; no one gives a crap about what’s discussed in the legal press. Do you think Associates and NQs are basing their career decisions on news articles? It’s pretty easy to find out what you peers are paid because the industry and the City is so small.

Actualy, when the new salary bands were announced just after Freshfields’ rise management insisted that it was a “private matter between you and the firm” and not to take it to the press. Of course, some smartarse broke rank and it hit The Lawyer within 2 days…

Anonymous

Guess it’s only meaningful for a lot of people if pay for other PQEs goes up. Feels like there will be a bunching of salaries, with NQs earning only a few k less than 3-4 year associates at some firms.

(5)(0)

Anonymous

Anyone confirm if IM is now 8k?

(10)(0)

IM NQ

Including non binary bonus yes.

(4)(0)

Anonyman

At what cost to the NQs though?

SQUEAKY BUM TIME!

(0)(0)

Dentons 4PQE

I can’t believe obnoxious students are complaining over £100,000 NQ salaries. I am at Dentons Milton Keynes on £58,000 – 4PQE.

(17)(3)

US Firm TC 2020 Offer Holder

You poor little old man. 4PQE at Kirkland is £210,000 excluding fat bonus. Enjoy poverty!

(13)(1)

GIVE ME A TRAINING CONTRACT

Is everyone on legal cheek a trainee at Kirkland & Ellis? 😂😂😂

(34)(0)

Anonymous

No, no one.

(12)(0)

CURIOUS

Quite remarkable though how K&E managed to create this aura of prestige around their brand in just a few years’ time. They’ve always been top tier, but you didn’t see Kirkland being named as the benchmark in both articles and comments 18 months ago. And this is not just in London, but in the U.S. too (probably because of their insane PEP of $5m+) and hiring superstar Cravath partners with guaranteed salary packages north of $10m/year).

Curious to see how they will handle the imminent economic downturn though. They’re very PE-focused, classically the most vulnerable industry to economic cycli.

(18)(0)

MC Trainee

Actually, in the last economic downturn, it was the banks that took a battering. Remember the layoffs in 2008 across law firms, particularly from those firms over-exposed to banking clients? Influence has shifted from banks to non-bank funds and lenders, hence why all firms are pivoting now towards funds (especially A&O and CC that have historically been THE law firm of those for the big bulge bracket banks).

In economic downturns, PE funds pick up distressed companies and non-performing loans. Many funds solely target distressed assets. The more you know…

(3)(0)

Anonymous

There is no aura of prestige around them.

(1)(1)

Anonny Non

Yawn.

Same article virtually every day “[Insert name of firm here] have upped their TC/NQ pay to [£X]”

LC – can’t you just put all of this in a schedule which you update weekly as it is getting a bit dull.

(13)(1)

Anonymous

I think they must be running out of pictures soon as well

(1)(0)

Anonymous

I just want to say, as a someone aspiring to practice law in the City, I hope this forum is not reflective of the type of people that work in these firms. You are all absolutely insufferable.

(22)(0)

Anonymous

Sadly it is.

Look elsewhere mate.

(14)(0)

Anonymous

Agree with the above, however do remember that the internet brings out the worst in everyone. Although get a pint in them and they are often equally insufferable.

(1)(0)

Trainee

Piss off c*nt

(19)(2)

Cuck watcher

Everyone only reads legal cheek for the comments

See the story click straight to the comments

That’s just what it is

#biglaw .

(8)(0)

LondonTrainee

There are a wide range of trainees and associates, but (a) City law is brutally competitive, and you have no real security until you’re 2-3 PQE, so that can bring out the worst in people; and (b) as someone else has already noted, the internet’s disinhibitory effect in anonymous forums only magnifies that.

In any event, have a Plan B, in case it doesn’t work out.

(0)(0)

Anonymous

I grew up with an annual household income of about 32k. I cannot fathom what I would do with over three times as much. Is London really that expensive?

(2)(5)

Angry NQ

It’s expensive. Move to Nigeria or india if you concerned about expenses and live in slums.

(16)(0)

Anonymous

90% of Greater London is a slum too, you fool.

(1)(1)

Angry NQ

I live in South Ken.

(3)(0)

Anonymous

You mean that magical area you call Notting Hill, but it’s actually a Bayswater council estate?

Anonymous

My first job was min wage stacking shelves now I’m earning 1/3 of a million and loving legal life #uslawfirm #biglaw #socialmobility

(3)(0)

Anonymous

Other than finance, US law is a pretty good social mobility route

(0)(1)

V&E Trainee

Vinson & Elkins pay more than K&E. Why is biased LC not reporting this?

(35)(0)

Anonymous

Oh look the entire V&E office in London has liked it! Great unity lads

(7)(14)

Anonymous

Any news on Links raise?

(0)(0)

Links future trainee

£98,000. Announcement first week of July. You welcome.

(15)(0)

Anonymous

I don’t welcome – I don’t care because I’m not a little future shiteshop trainee muppet

(0)(6)

Anonymous

I like taking a dump and reading the Legal Cheek comments section

(3)(0)

Cute Trainee

I like riding my boyfriend and reading LC comments.

(3)(0)

Steve Chipchase

NRF trailing behind on a lousy £80k post review

(2)(1)

NRF associate

shite sweatshop

(2)(0)

Anonymous

Could be worse, could work for SPB on £73k post review. Cucked so hard lmao

(1)(0)

Anonymous

Darlings, come to the Bar, coin in £300k a year for the first five years and then move to the Magic Circle. You know it makes sense.

(1)(1)

Anonymous

Slaughter and May, your poverty is showing.

If you want to maintain your so called prestige and escape from the bottom of the magic circle ladder, then step TF up.

(0)(1)

Anonymous

Latham still better?

(0)(0)

Comments are closed.

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