UK’s hung parliament and the Brexit uncertainty have lead to leading lawyers Slaughter & May freezing their pay rates, according to a UK legal media report.
Legal blog Legal Cheek reported that the firm was not proposing further increases “at this time” for associates reporting the “muted increases” from last December.
The firm’s fresh-faced associates were chucked an extra £6,500 (up 9% to £78,000), while lawyers with one to three years post qualification experience (PQE) were handed around £8,000 extra. Trainee pay remained unchanged, with first years pocketing £43,000, rising to £48,000 in year two.
Legal Cheek’s Most List shows that the outfit’s newly qualified (NQ) talent earn just £500 more than their counterparts at Linklaters (£77,500) and £500 less than Allen & Overylawyers (£78,500). As for the rest of the magic circle, NQs at Clifford Chance and Freshfields Bruckhaus Deringer pocket a whopping £7,000 more than Slaughters’ (£85,000).