Lawyers

Slaughter and May Announce Year-End Bonuses
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Summary: Slaughter and May will raise salaries for junior lawyers starting in January. 

It’ll be a good holiday for Slaughter and May associates. On Wednesday, the Magic Circle law firm announced that it would raise salaries for junior lawyers and pay five-figure bonuses, according to Legal Business.

  
What
Where


The London-based law firm said that associates who achieved good or exceptional performance reviews will receive a bonus ranging between 9-16% of their salaries. This mostly matches what was paid out last year.

The firm also announced that starting in January it will increase junior lawyer salaries to match “current market rates.” That means first-year trainees will see their salaries move up from £43,000 to £44,000, second-year trainees will rise from £48,000 to £49,000, and newly-qualified lawyers will see a raise from £78,000 to £80,000.

Mid-level associates, however, will not have their salary ranges changed.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Slaughter’s announcement was deemed a move to attract and retain talent. In London, other firms have also worked to stop the drain of associates, who attempt to leave for the United States where pay is well over £100,000 ($134,256) for entry-level lawyers.

In November, Legal Week released a study about profit per equity partner (PEP), and they found that American law firms’ PEP has grown more than its UK counterparts. Oliver Brettle from White & Case’s London office said that he was surprised that the gap was so large.



“I would have expected that the U.S.-based firms would be ahead, but not this significantly,” Brettle told Law.com. “My expectation is that the U.S. firms’ growth is linked to the very strong performance of the U.S. economy and the strong performance of U.S.-headquartered corporates and financial institutions, enabling US firms to follow them as they expand and invest globally.”

Legal Week stated that the top 10 American law firms grew at a rate of 50% more than their U.K. rivals over the past five years. The top 10 U.K. firms’ PEP increased an average of 15.7% during the past five years while the top 10 U.S. firms’ PEP increased by 24.7%.

Across the pond, industry leader Cravath, Swaine & Moore announced that it would give $15,000 to first-year associates and up to $100,000 for more senior associates. These first-year associates make $180,000 a year, so the $15,000 bonus was a little over 8% of their salary. After Cravath made its announcement, several other big law firms such as Milbank Tweed Hadley & McCloy LLP and Paul Weiss Rifkind Wharton & Garrison LLP stated that they were matching that amount.

Cravath Bonus Structure 

Class of 2017 — $15,000 (pro-rated)
Class of 2016 — $15,000
Class of 2015 — $25,000
Class of 2014 — $50,000
Class of 2013 — $65,000
Class of 2012 — $80,000
Class of 2011 — $90,000
Class of 2010 — $100,000
Class of 2009 — $100,000

What do you think of Slaughter and May? Let us know in the comments below.



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid-level litigation attorney with experience taking/defending dep...

Apply Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a support attorney with some experience/familiarity with a litigatio...

Apply Now

Trust and Estate Attorney

USA-NY-New York City

Boutique trust and estate firm is seeking an attorney with 7+ years of experience. Candidate should ...

Apply Now

Commercial/Banking Litigation Attorney

USA-FL-Miami

Miami office of our client seeks commercial/banking litigation attorney with 3-6 years of experience...

Apply Now

RELEVANT JOBS

Civil Litigation Attorney

USA-CA-San Luis Obispo

The Bailey Law Firm is looking for a motivated, full-time civil litigation attorney with exceptional...

Apply now

Associate Attorney

USA-PA-Harrisburg

ASSOCIATE ATTORNEY: Harrisburg law firm specializing in workers comp seeks an attorney w/ 1-3 years ...

Apply now

Lateral Attorney

USA-IA-West Des Moines

Sullivan & Ward, P.C. a West Des Moines law firm, is seeking a motivated established attorney to joi...

Apply now

Workers Compensation and/or Social Security Attorney

USA-FL-Palm Coast

The candidate will be responsible for all aspects of the workers compensation case, including to, ev...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top