Herbert Smith introduces merit-pay for senior associates
Herbert Smith has made a review of salaries, and has announced significant changes to the remuneration of its fee earners from June next year.
There are firm-wide salary rises effective immediately that keep Herbert Smith on par with other top firms such as Allen & Overy, Clifford Chance, Freshfields, Linklaters and Slaughter and May.
But from June 2011 associates with five years post qualified experience will be paid on the basis of performance: they will get the top pay rise of 7% only if they bill seven hours a day and are judged as ‘outstanding’. If they fail to make up the required number of hours or attract a grade of ‘very good’ or ‘good’ they will attract a lower pay rise, or have no pay rise at all.