Linklaters overhauls salaries and benefits
Linklaters has introduced sweeping changes to its salaries, benefits and bonuses, in an attempt to remain competitive among top firms in recruitment and retention. The changes include increases in pay as well as time off.
The salary and bonus increases will be significant for junior lawyers. At the newly-qualified level, salaries previously at £68,500 will increase to a median between £81,000 an £91,000. Associates at level 1PQE will see their previous pay level of £74,000 increase to a median between £90,000 and £101,000. Meanwhile, 2PQE's who previously ranged from £83,250 to £88,000 will see a new median range between £100,000 an £119,000. Finally, 3PQE's will see their previous range of £92,500 to £98,500 jump to a median range of £111,000 to £130,000.
The firm has also offered increased leave benefits to its staff. Annual leave will be increased from 25 days to 27 days and all staff will receive an extra day off in the month of their birthday. Staff may also elect to take a four week sabbatical, by coming two weeks of paid leave with two weeks of unpaid leave, at specific stages of their career. The cost of the unpaid leave may also be spread over half the year.
Linklaters will also encourage lawyers that have worked long hours in concentrated stretches to take time off as compensation. All lawyers who are qualified will also be entitled to work from home one day during the week.
Allen & Overy enacted similar pay scale raises last year. Linklaters' changes will become effective on 1 May this year.