Trainees and associates at Allen & Overy are keeping their fingers crossed, after rumours began to circulate of substantial pay rises across the board.
Nothing has yet been finalised - discussions are apparently only just starting and will take a couple of weeks to conclude. One partner suggested that first seat trainees could see their pay rise from £38,000 to £40,000, rising to £45,000 by the time they reach their final seats, although other sources have suggested that this may be wide of the mark. What does seem likely is that there'll be some sort of increase, apparently in recognition of the fact that trainees' salaries have been frozen for six years.
There are no figures yet for qualified lawyers, but anything would clearly be welcome. For one thing their salary bands were frozen last year, in common with those at Linklaters (although the rest of the Magic Circle posted modest increases). And there's also been an upturn in the market, leading to a general rise in the number of hours that associates across the City are being asked to put in.
If A&O gets in early with pay rises, it's likely that the other major firms will follow. So this could be good news for thousands of lawyers. RollOnFriday will bring you details as soon as they come out.
A spokesman for the firm was unable to comment as nothing had been finalised.
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Nothing has yet been finalised - discussions are apparently only just starting and will take a couple of weeks to conclude. One partner suggested that first seat trainees could see their pay rise from £38,000 to £40,000, rising to £45,000 by the time they reach their final seats, although other sources have suggested that this may be wide of the mark. What does seem likely is that there'll be some sort of increase, apparently in recognition of the fact that trainees' salaries have been frozen for six years.
There are no figures yet for qualified lawyers, but anything would clearly be welcome. For one thing their salary bands were frozen last year, in common with those at Linklaters (although the rest of the Magic Circle posted modest increases). And there's also been an upturn in the market, leading to a general rise in the number of hours that associates across the City are being asked to put in.
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An associate enjoying his pay rise yesterday |
If A&O gets in early with pay rises, it's likely that the other major firms will follow. So this could be good news for thousands of lawyers. RollOnFriday will bring you details as soon as they come out.
A spokesman for the firm was unable to comment as nothing had been finalised.
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Dont get your hopes up too high, the partners still need to pay off thier dinners with the PM.
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She earns 40% more than me, gets a higher bonus (despite MC's claims), and works less hours.
However, she is expected to be available 24/7. About once every two months she gets a call on a weekend and is expected to drop everything to do work, when frankly I don't see why it can't wait till Monday. Her firm therefore buys her an expensive computer and printer which she gets to keep (on top of pay). This has never happened to me at MC (rarely worked weekends, and only if truly required).
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P.s. you do actually have to have a (working) brain, tho.
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Yeah, litigation rocks. Nonsense. Inhouse rocks. Oh, but you might actually have to understand business rather than the correct etiquette for when case law should be in bold, italic and underline.
PS happy Friday x
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http://abovethelaw.com/2007/11/associate-bonus-watch-sullivan-cromwell-matches-and-more/
Even without a salary rise that gives a first year associate $195k takehome, PLUS a possible small spring bonus too... roughly gives an NQ at US firm in London that treats its UK associates the same/similar upwards of £130k all-in - looks crazy compared to £60-65k at an MC (plus bonus).
That said. this year US bonuses were about 1/5th of this:
http://abovethelaw.com/2011/12/associate-bonus-watch-sullivan-cromwell-beats-cravath-and-promises-spring-bonuses/
Although let's not forget that the average US law grad has $200-400k debt from undergrad and law school to pay off, so these salaries have to make it worth their while... the gap in the UK created by the US firm pay results from cheaper legal education here short-circuiting the US model, but shows these firms are way more profitable - they can afford to do this and still match/beat the MC for PEP.
MC bonuses look pretty opaque to me, unlike the US guys who announce everything... can anyone shed any light on averages for MC from NQ and up?