Super firm CMS Cameron McKenna Nabarro Olswang will pay a total of £250,000 to trainees who have agreed to defer their training contracts at the firm ahead of its three way merger.
The deferral will apply to the intake that were due to start in August/September 2017 at what they understood to be three separate firms: CMS, Nabarro and Olswang. In total, 25 trainees will be paid £10,000 to delay the start of their contract until February next year.
It follows the news that the three firms had developed a ’voluntary and incentivised’ deferral programme ‘to ensure a smooth transition’ once they agreed to combine services last year. The merger is due to be completed on 1 May.
Once the deal is finalised the practice will become the world’s sixth largest law firm by headcount and have a £1bn turnover, placing it inside the UK’s top seven by revenue.
Last month, the Gazette reported that the three firms had confirmed that around one-third of support staff from across the UK would be lost ahead of the merger.