This news will have filtered through to most of you by now..
Bloomberg are reporting that Linklaters is cutting pay for starting lawyers and giving smaller salary increases as the legal industry comes off its worst year since the early 1990s.
Bloomberg write:
Linklaters, one of London’s so-called Magic Circle law firms, will pay newly qualified lawyers 61,500 pounds ($91,300), down from 66,600 pounds last year. Associates will receive a salary increase of between two and four percent, based on seniority, down from six to 10 percent last year.
The other Magic Circle firms — Clifford Chance LLP, Allen & Overy LLP and Freshfields Bruckhaus Deringer — have frozen pay for associates, who typically get a raise every 12 months. Clifford Chance and Freshfields also cut starting pay for newly qualified lawyers this year by about 11 percent, to 59,000 pounds. Allen & Overy hasn’t made a decision on pay, a spokesman said.
“This year the market context is dramatically different,” said Jill King, Linklaters’s director of human resources. “We’re committed to paying at the top of the market.”
Full report at http://www.bloomberg.com/apps/news?pid=20601102&sid=aqR0odldgRNA&refer=uk
