Magic circle firm Slaughter and May has revealed changes to working conditions that include pay rises for associates and the introduction of paid sabbatical leave.
The firm said today the changes have come after a ‘major review’ of employee reward and recognition and a consultation that has run most of the year.
Newly qualified lawyers’ pay will jump to £78,000 from £71,000. Those with one-year's PQE will be paid £87,000, up from £79,000.
For the first time pay for associates with three years' experience will top £100,000, increasing from £99,750 to £108,000.
The changes will be effective from 1 January. All employees will also receive an end-of-year bonus. The standard associate bonus ranges between 9% and 16%.
The four-week paid sabbatical will be available to associates who have three years’ PQE.
All associates will also have the opportunity to apply to work one day a week from home.
Steve Cooke, senior partner at the firm, said: ‘The overwhelming message from our associates and trainees is that they do not want to see pay differentiated on the basis of performance.
‘We will therefore continue to remunerate in a less differentiated and more egalitarian way than many of our competitors. We have a very strong sense of a “one firm” culture and the desire to be all in it together.’
Trainee rates will remain unchanged at £43,000 for first-year trainees and £48,000 for second-year trainees.
The annual salary review is expected to take place as usual in May 2017.