Belt-tightening measures across the City continue
Bryan Cave Leighton Paisner (BCLP) has cut its newly-qualified (NQ) solicitor salaries by 2.5%.
“In response to the ongoing COVID-19 pandemic we have lowered our NQ salary by 2.5% to £78,000 as part of a set of measures developed to ensure that we approach a challenging period, pragmatically,” a spokesperson from the firm said in a statement. “Developing and retaining talent remains a key priority for BCLP and we will move through 2020 with the same dedication to our current and future trainees.”
BCLP’s new associates were understood to be on a base salary of £75,000 but could receive a maximum bonus of £21,000 taking total earnings to £96,000. However, the spokesperson confirmed that BCLP increased NQ base rates last year to £80,000.
The firm previously deferred portions of partner distributions and cut employee salaries by 15% for a period of 13 weeks to weather the effects of the crisis.
Today’s news is a marked shift on last year’s narrative in which we saw City firms compete with their US rivals in London to top the NQ pay league.
NQs over at Hogan Lovells, Reed Smith and Osborne Clarke have also become privy to firm-wide belt-tightening measures with cuts to pay. Legal Cheek reported last month that solicitors at Osborne Clarke will see their salaries drop by about 7% for a period of 11 months.