Salary hikes and extra holiday at Slaughter and May
16 December 2016
Slaughter and May has announced salary rises for all associates and an extra five days' holiday a year.
The firm said that 84% of its staff responded to a recent employee survey, and they were pretty clear as to what they wanted. They liked the fact that associates of the same level of qualification get paid the same rates, but thought those rates should be hiked. A spokesman confirmed that pay will continue to "be distributed in a way that mirrors the flat lockstep structure of the firm’s partnership
" but that rates would increase in January as follows:
| New rate
| Current rate
Jolly good. But the firm is still at the bottom of the table when it comes to Magic Circle pay. A 3PQE associate gets £111,000 at Linklaters, £112,500 at Freshfields, £115,000 at Allen & Overy and £120,500 at Clifford Chance. Although all staff will also get a bonus at the end of this month. Associates will get between 9% and 16%, depending on PQE, in line with last year. Everyone else (including PSLs) will receive a bonus of 3%. Clearly some employees are more equal than others...
Staff will also see their holiday rise from 25 to 30 days' per year, and a four week paid sabbatical will be introduced for associates when they reach three years’ PQE. All associates will "have the opportunity
" to apply to work one day a week from home with effect from 1 January 2017. Let's see how that plays out.
||Slaughter and May partners discuss a request for flexible working
Steve Cooke, the firm's Senior Partner, said “there is a strong collective belief in our no billable hours targets culture and indeed 95% of associates believe that billable hours targets would have a detrimental effect on the firm’s culture... Further, the overwhelming message from our associates and trainees is that they do not want to see pay differentiated on the basis of performance. We will therefore continue to remunerate in a less differentiated and more egalitarian way than many of our competitors. We have a very strong sense of a “one firm” culture and the desire to be all in it together