COVID-19: Move comes just weeks after magic circle player suspended partner distributions
Slaughter and May has cut the salaries of its newly qualified (NQ) lawyers in a bid to negate the financial impact of the COVID-19 pandemic.
Associates due to qualify at the magic circle player this September will now earn a still relatively healthy £87,000. Pre-cut, Legal Cheek‘s Firms Most List showed NQ base rates sat at roughly £92,000, with performance bonuses bumping earnings to in excess of £100,000.
The cuts come just weeks after the firm deferred annual salary reviews and temporarily suspended all discretionary distributions to partners.
Slaughters isn’t alone in cutting junior lawyer pay in response to the pandemic.
Last week, Legal Cheek revealed trainee pay at Taylor Wessing had been cut by 8% as part of a new flexible working programme. The firm also cut partner drawings by 20% and delayed salary reviews until the autumn.