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Slaughters freezes pay, cuts bonuses for 2012
Magic circle firm Slaughter and May has announced it will reduce bonuses this year, with associates receiving a 5 per cent bonus and trainees and support staff receiving a 2.5 per cent bonus.
Pay freeze reflects 'continuing uncertainty'
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This is a marked decrease from the 8 per cent bonuses given out to both associates and trainees in the past and reflects a sobering economic environment.
Salary review
Additionally, Slaughter and May will not increase salaries in the autumn for the first time, Legal Week reports.
The firm has reduced its biannual review to one salary review in the spring, as per the convention of most of its competitors. During the past two reviews, associate pay levels have not increased though associates will rise through salary bands as before.
‘We believe that this strikes the right balance between rewarding hard work and maintaining our prudent approach to reflect continuing uncertainty through the global economy,’ said Graham White, Slaughter’s executive partner.
