Slaughter and May has just announced the results of its salary review for associates. But, before getting over-excited, read on...
Trainees and NQs stay on the same wedge, and rises for more senior lawyers are as follows:
RollOnFriday scientists have worked out some of the things that lucky Slaughters' lawyers will now be able to afford with all this extra dosh.
A 1PQE lawyer will be able to buy a Flat White at Pret A Manger (£2.00), but not at Starbucks (£2.25). However at 2PQE things start to ramp up, along with the hours: lawyers will be able to get a 36 pack of Pro Plus (£2.54) AND a can of Red Bull (£1.40).
At 3 and 4PQE the increase is lower, although it will still run to a pair of M&S classic pure cotton briefs (£10 for pack of three). But not enough for a chicken tikka masala for one at £3.79 though.
Of course, thrifty lawyers could save up for a week and run to a month's subscription to match.com (£22.80). And 14 days' work will get a 4PQE lawyer one hour's counselling over the phone with Relate.
Still, a rise is a rise, however low it is. And other firms are likely to follow Slaughters' lead, so it's good news for all. Graham White, Slaughters' Executive Partner, said that the "modest adjustments" were intended to "ensure that they compare favourably with current market rates at all levels".
*taking into account 40% tax, NIC and assuming no student loans
Tip Off ROF
Trainees and NQs stay on the same wedge, and rises for more senior lawyers are as follows:
| PQE | Old pay | New pay | Net increase per day* |
|---|---|---|---|
| 1 | £68k | £69k | £2.23 |
| 2 | £74k | £76k | £4.46 |
| 3 | £84.5k | £86k | £3.35 |
| 4 | £93k | £94.5k | £3.35 |
RollOnFriday scientists have worked out some of the things that lucky Slaughters' lawyers will now be able to afford with all this extra dosh.
A 1PQE lawyer will be able to buy a Flat White at Pret A Manger (£2.00), but not at Starbucks (£2.25). However at 2PQE things start to ramp up, along with the hours: lawyers will be able to get a 36 pack of Pro Plus (£2.54) AND a can of Red Bull (£1.40).
At 3 and 4PQE the increase is lower, although it will still run to a pair of M&S classic pure cotton briefs (£10 for pack of three). But not enough for a chicken tikka masala for one at £3.79 though.
 |
A Slaughters' lawyer enjoying his pay rise yesterday |
Of course, thrifty lawyers could save up for a week and run to a month's subscription to match.com (£22.80). And 14 days' work will get a 4PQE lawyer one hour's counselling over the phone with Relate.
Still, a rise is a rise, however low it is. And other firms are likely to follow Slaughters' lead, so it's good news for all. Graham White, Slaughters' Executive Partner, said that the "modest adjustments" were intended to "ensure that they compare favourably with current market rates at all levels".
*taking into account 40% tax, NIC and assuming no student loans