Discretionary bonuses bring pay parity across London and US offices
Junior lawyers in the London office of Orrick can now earn the same levels of cash as their US counterparts thanks to a revised bonus scheme.
The shake-up means a newly qualified (NQ) City associate will see their earnings swell from £120,000 to a maximum of £150,000 — a whopping uplift of £30,000 or 25% — if they hit a billing target of 1,950 hours. Their opposite numbers in the US currently earn $205,000.
The discretionary bonus is available to all UK associates and counsel, and brings total UK compensation in line with the firm’s US offices.
And it’s not just client work that counts towards hours targets. The firm says associates can allocate time towards pro bono projects, professional development, innovation and thought leadership, as well as 40 hours to “unplug” on holiday.
A spokesperson for Orrick said: “Demand from our clients is at extraordinary levels in London this year — in the tech sector and beyond. We want to ensure that we are rewarding our associates and of counsel in ways that are commensurate with their contributions to our clients and our firm.”
The Legal Cheek Firms Most List 2022 shows trainees earn a salary of £45,000 in year one and £49,000 in year two. Orrick offers around four training contracts each year.