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UK Firm Initiates Pay Freeze For Associates |
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Written by Sean Hocking
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A report in (UK) Legal Week yesterday revealed that one of London's bigger firms....
Herbert Smith has confirmed that it will not be increasing associate salaries for the next financial year.
The report goes on to say that the news, which comes after several years of bumper pay rises, makes Herbert Smith the first top 10 London firm to confirm that its salary bands will stay static, with associates simply rolling into the next pay band.
We learn:
Salary bands will remain the same as last year, with a newly qualified solicitor (NQ) taking home £64,000, a lawyer with one year's experience pocketing £69,000 and a lawyer with two year's experience earning £81,000. Trainee rates remain at £36,000.
The announcement, which comes after Herbert Smith last year reported a drop in profits per equity partner of 2.3 percent, falls into line with widely held predictions that associate salaries across London would stay flat for 2008 following the market downturn.
Full Report |
