City firms bring pay reviews forward

Mid-sized City law firms Paisner & Co and Lawrence Graham are bringing their salary reviews forward in the wake of the huge salary hikes at top ten City firms.Lawrence Graham will be announcing its new pay rates in June, rather than September.

Paisners has brought the date forward from November to July.Paisners has indicated that its nine newly qualified assistant solicitors are set to receive a 5,000 rise, taking their pay to between 39,000 and 40,000.Managing partner, Stephen Rosefield, has ruled out matching top ten City salary hikes: 'We are a different firm to firms like Clifford Chance - although we deal with them quite a lot on the other side.

We are obviously smaller.

There is a distinction and people recognise that.

I don't think we would wish to fall too far behind.

We do not see ourselves competing with their salary levels knock-for-knock.'Mr Rosefield said the firm plans to look at billable hours targets as part of a possible bonus scheme.

He said one advantage of team or individual targets is flexiblity: 'What happens when the boom ends? Firms like ours would be generally reluctant to shed people.'See Features and Editorial

Anne Mizzi