Compensation Matters

King & Wood Mallesons Modifies Australia Lockstep Amid News of Hong Kong Pay Deal

Legal Week

King & Wood Mallesons has overhauled its rigid 10-year lockstep, creating a modified system for its Australian partners, as news emerges that the firm's Hong Kong arm struck a five-year deal to ensure that partner remuneration remains at pre-merger levels. The firm has also discontinued its early retirement plan for new partners.
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Norton Rose Raises Salaries, Adds Australia-Based Training

Legal Week

Norton Rose has increased first-year trainees' salaries to £38,000; second-year trainees' salaries to £43,000; and newly qualified lawyers' salaries to £61,500. Separately, the U.K. firm has confirmed that, for the first time, junior lawyers will soon be able to spend some of their training contracts in Australia.
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Clifford Chance Announces Associate Raises

Legal Week

The latest Magic Circle firm to announce associate salary raises, Clifford Chance has increased pay for lawyers with more than a year's post-qualification experience. Those with one year's PQE will see an increase of £500; those with two years' PQE will see a hike of £1,300; and those with three years' PQE will see an increase of £1,500.
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Herbert Smith Announces Associate Pay Bands for Coming Year

Legal Week

After freezing pay bands in 2011, Herbert Smith has announced pay increases at a number of associate levels for the coming year. The firm has made £500 increases at the newly qualified, one-year and four-year PQE levels. Two-year PQE salaries will increase by £2,000, while three-year PQE lawyers will see a salary increase of £1,000.
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Solicitors Regulation Authority to Scrap Minimum Trainee Salary in Favor of National Minimum Wage

Legal Week

The Solicitors Regulation Authority is set to abolish the minimum wage requirement for trainee solicitors in favor of the national minimum wage of £6.08 per hour, effective Aug. 1, 2014. The current minimum salary levels for trainees are £18,590 in central London and £16,650 outside.
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Freshfields Announces Associate Salaries Under New Merit Pay System

Legal Week

Freshfields has confirmed associate salaries under its new merit-based pay scheme, which came into effect May 1, with newly qualified lawyers set to make at least £65,000 -- £3,500 more than those at rival London firms. The firm said its existing associate bonus scheme will continue to apply.
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Associate Salaries Stuck in Holding Pattern at Slaughter and May

Legal Week

Magic Circle firm Slaughter and May has opted to freeze its associate salary bands at the same rates as last year, marking the second consecutive review in which associate pay levels at the firm have remained static. One exception: associates with two years' post-qualification-experience, who will see pay increase marginally, by 500 pounds.
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Allen & Overy Kicks Off Salary Season With Associate Pay Raises

Legal Week

The first of the Magic Circle firms to announce 2012-2013 pay rates, Allen & Overy is increasing associate pay between £500 and £1,000, matching newly qualified pay figures reached by other firms last year. Allen & Overy opted not to increase its associate pay levels last year due to what it called a "flat trading year."
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Australia Merger Talks Push Herbert Smith to Review Lockstep System

Legal Week

Merger talks with Australia's Freehills, which uses a modified lockstep system tied to individual performance, have led Herbert Smith to review its rigid lockstep structure, in an attempt to better align the two firms' remuneration structures and address criticism that pay for top earners has fallen behind key London rivals.
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