Slaughter and May has joined Freshfields and Clifford Chance and raised its NQ pay to £100,000.
Like Clifford Chance, Slaughter and May’s £100k includes a discretionary bonus, which the firm pays in December.
In an email to London trainees and associates which a source provided to RollOnFriday, the firm conceded that it needed to keep up with the Joneses. “In accordance with our policy of keeping our associate remuneration competitive in the market”, the firm told them, “we have decided to increase our newly qualified associates' remuneration (salary and bonus) to a minimum of £100,000”.
It continued that it was “too early to say exactly” what the size of the December bonus would be, but guaranteed that it “will take the full NQ remuneration package to £100,000”.
A year's net pay bags a disturbing visual tribute to the US firms which prompted all of this.
“It's strange”, said a source, “because we have always had a fixed salary and a discretionary bonus which was never predicted (although we always knew we would have something).” But now the firm is “committing to a minimum bonus effectively”.
Allen & Overy and Linklaters are still holding out, and paying their NQs salaries of between £80,000 and £83,000. Expect this to change almost immediately and probably by the time you finish this sentence.