Magic circle firm Linklaters has hiked pay for its newly qualified lawyers and revamped staff benefits in an effort to attract and retain the best talent.
High-performing newly qualified lawyers at the firm will be able to take home as much as £91,000 including a bonus next year. This is more than 30% up on the basic salary of £68,500 offered last year. On average newly qualifieds will take home at least £81,000.
Those with one year’s PQE will see their earnings jump to at least £90,000 including bonus, up £16,000 from last year. The highest performers will receive £101,000.
Solicitors with two years’ PQE will be able to earn between £100,00 and £119,000 while those with three years’ PQE will get between £111,000 and £130,000.
These are up from last year’s basic salaries of £88,000 and £98,500 respectively.
The pay rises have been implemented following a ‘comprehensive review’ on how the firm can improve and differentiate its rewards to ‘continue to attract, motive and retain’ the best talent.
Following the review, Linklaters will also let qualified lawyers across all its practices work at home one day per week, and will boost its annual leave from 25 to 27 days. All will be able to take one extra day off in the month of their birthday.
The firm will also offer the opportunity for a four-week sabbatical - two weeks paid and two weeks unpaid - at particular career stages. The cost of the unpaid leave can be spread over six months.
It will also encourage lawyers who have worked long hours to take time off in lieu following periods of ‘very high utilisation’.
Satindar Dogra, a partner at the firm said: ‘The objectives of this review were to improve and differentiate our reward offering, which is key to attracting, motivating and retaining the highest-calibre and highest-performing talent in the market.
‘We believe that the changes we are implementing do that, providing a strong and positive message to our people while standing out within the market as an extremely competitive and well-rounded proposition.’
All changes will take effect from the start of May.