Slaughter cuts trainee bonuses
updated on 02 November 2011
Slaughter and May's latest pay review has cut the firm's trainee bonuses and frozen its associate salaries, while bonuses for support staff will remain the same as last year.
Legal Week reports that the firm had previously awarded trainees with bonuses amounting to 8% of their respective salaries, but this has been cut to 6% for second-year trainees and halved to 4% for first years. Associates' bonus pay rates will remain the same as last spring.
Slaughter and May's unique pay structure sees associate salaries reviewed twice yearly, in May and November, as well as a review of bonuses in October. Trainee salaries will remain static at £38,000 for first years and £43,000 for second years, while the half-yearly increases will take the salary for associates with one year’s post-qualification experience (PQE) to £69,000, two years' PQE to £76,000 and keep those with three years' PQE on £86,000. Newly qualified lawyers will earn an initial salary of £61,500.
Slaughter and May's executive partner Graham White said: "Unlike other firms, we carry out biannual salary increases because we believe it's important to reward hard work throughout the year. We have decided to slightly reduce the bonus percentage given to trainees, and feel comfortable our trainee package remains competitive."
