Slaughter and May is giving its associates Christmas bonuses and raising junior solicitors' salaries.
The bonus percentages are smaller than they were last year, but only by a sliver. Showing fealty to whatever algorithm spat them out, they're also very specific. NQs will receive an extra 8.25% of their basic salary as a bonus, while 5 PQEs will get 14.6%.
|NQ - 6 months||8.25% (9%)|
|1 - 2.5 PQE||11% (12%)|
|3 - 4 PQE||12.8% (14%)|
|4.5 - 6.5||14.6% (16%)|
Trainees, business services staff, PSLs, secretaries and paralegals didn't do quite as well. They'll receive 3%, the same as last year.
On 1 January Slaughter and May is also raising the salaries of its most junior solicitors, which it said was to reflect current market rates. NQs' pay rises the most, by £3k to £83,000.
|6 month||£86,000 (£84,000)|
|1 PQE||£89,000 (£88,000)|
|1.5 PQE||£93,750 (£92,750)|
Slaughters takes a semi-socialist approach to bonuses. While not every fee-earner in the firm gets the same percentage bonus, those within the same banding do, regardless of how many hours they've billed. Which is grand (even if one associate told ROF it was a source of sadness bonuses weren't linked to hours given they've clocked up over 2,000 this year) and means everyone can afford a splendid Christmas.
The only people who won't be splashing out on Scruff-A-Luvs are lawyers working out their notice or under a formal warning, or who have been "identified as an underperformer". They're carved out of the bonus pot.
If your firm's handing out meaty Xmas bonuses, or if it's told you it's not and blaming Brexit, let ROF know.