Overview

• Newly qualified solicitors at the firm will continue to start on £100,000 in London after a decision to hold rates this year.
• Roughly £1 million that would have funded junior pay rises has been redirected into a bonus pool now totaling £19 million.
• Management frames the change as a way to unwind salary compression between new qualifiers and more experienced associates.
• The policy follows strong results, with revenue up 11% to £550.9 million and profit per equity partner around £1 million.
• The move departs from the market pay race, with US firms offering up to £180,000 and top UK firms at about £150,000, as the firm also points to retaining 50 of 58 trainees.