Lawyer Pay
A&O Says No to Associate Pay Hike; Magic Circle Firm is First to Do So
Posted May 9, 2008, 01:21 pm CDT
By Martha Neil
In the wake of associate pay raises announced by other major London-based law firms, one magic circle partnership is holding the line.
Allen & Overy will not raise associate pay this year, reports Legal Week. Newly qualified lawyers will continue to earn 65,000 pounds (that's not quite $127,000 in U.S. dollars at the current exchange rate), even though archrival Clifford Chance announced yesterday that it will up the ante to 66,600 pounds (not quite $130,000).
No explanation is given in the article for the A&O associate salary freeze. A&O is the first magic circle firm to say no to associate pay raises this year, according to Legal Week.
Related coverage:
ABAJournal.com: "Clifford Chance Cuts Food Costs But Raises Associate Pay"
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