Exclusive: Linklaters hikes pay and holiday for all
11 March 2016
has just completed a lengthy consultation into associate pay and work life balance. And RollOnFriday has the heads up on it.
The firm will publish externally the total remuneration (salary and bonus) that its associates should expect to pull in. It has broken this down to "median salary + median bonus for median performers
", and "median salary + median bonus for high performers
". A spokesman said that low performers will not get a bonus, but "we would expect almost everyone to fall between the median and top performer levels
From 1st May they will be as follows:
|Median salary + median bonus, median performer
|Median salay + median bonus, high performer
£91,000 for a beasted NQ? That's heading for US levels of pay, and up on the £68,500 basic salary currently on offer.
A spokesman said that bonuses would reflect "our people’s overall
contribution beyond utilisation levels, for example in knowledge &
learning, client and business development and business management
". So in theory at least it shouldn't be just about putting in the hours (although in practice surely that will have the greatest bearing). He also said that all staff would see their annual holiday entitlement rise from 25 days to 27, and they'd also receive a day off for their birthday.
All associates will continue to be able to buy some more holiday should they wish, and four week sabbaticals will be introduced at "particular career stages
" comprising two weeks of paid leave and two weeks of unpaid leave. The cost of the unpaid leave may be spread over six months.
And finally, working from home one day a week will be made available to all fee earners (except for trainees) across all practice groups.
Business services at the firm have been subject to separate salary, bonus and work/life balance reviews which have yet to be announced.
||The Links effect
The extent to which staff really will get to work from home, take their increased holiday and see a hefty rise in their remuneration clearly remains to be seen. But any way you cut it, it's more cash and more time out of the office. It follows on from Allen & Overy increasing its pay last year
(although on the face of it not to these levels). Expect the rest of the Magic Circle to follow suit in pretty short order.
Satindar Dogra, London Remco partner and head of the firm’s London dispute resolution practice, said that the changes would provide "a strong and positive message to our people while standing out within the market as an extremely competitive and well rounded proposition