London’s Freshfields Bruckhaus Deringer informed staff yesterday that salaries for associates will be held at 2008 levels.
The pay freeze means associates will not progress through to the next pay band, leaving a newly qualified lawyer at the same salary after one-year post-qualification experience, when they would normally see a 10% rise in salary.
The pay freeze will apply to the firm’s UK, German and Asia offices, and also includes business support staff.
Trainees in the UK are partially exempted from the policy. Trainees qualifying in March will see their pay rise to £59,000 pounds, compared to the current rate for newly-qualified lawyers of £66,000 pounds.
The firm will continue to pay out performance-related bonuses. The pay bands will stay the same for the next 12 months with no mid-year review planned.
Freshfields is the first major UK firm to freeze salaries this year.
Freshfields Bruckhaus Deringer LLP provides business law advice throughout Europe, the Middle East, Asia, and the United States. It is the world’s fourth largest law firm by revenue.
Posted by Erik Even
on February 10, 2009. Filed under Home,Law Firm News,Legal News.
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