While most eyes are on the next round of associate bonuses (or lack thereof) Norton Rose has announced it’s bumping up compensation for the lower ranks, giving increases to trainees and the newly qualified:
“Norton Rose has increased salaries for trainees and newly qualified lawyers and confirmed that junior lawyers will soon be able to spend some of their training contracts in Australia for the first time.
The City firm has pushed the starting salary for first-year trainees up from £37,000 to £38,000, while those in their second year will see pay rise by £1,500 to £43,000.
Salaries for newly qualified lawyers have increased from £60,000 to £61,500 as part of review, with all of the changes taking effect from May this year.
Separately Norton Rose has confirmed that from October London trainees will be able to spend four months of their training contract in Australia, with the firm opening up its rotation program to Sydney and Perth for the first time.”
“Head of recruitment Sarah Kelly said: “From October, the London trainee rotation program will open up so that trainees can spend a seat in one of our Australian offices for the first time — and Australian graduates will be able to gain valuable experience in our London or Asia offices. This will further strengthen our knowledge, skill base and cultural alignment across the international business.”
Read more at law.com here…
Meanwhile, across the Pond, Cahill Gordon is rumor is that associates are getting anywhere from 5,000-10,000 midyear bonuses:
“What is Cahill doing this year? We haven’t heard from all class years, but based on the reports that we have received, it seems that members of most classes are receiving $10K each. First-year associates, members of the class of 2011, are receiving $5K each.
These amounts are roughly consistent with prior years at Cahill. They’re a bit lower than the 2011 midyear bonuses, which ranged from $5,000 to $25,000, and closer to the 2010 midyear bonuses, which ranged from $2,500 to $15,000. The 2012 midyear bonuses have less variation: the $5K floor is higher, the $10K ceiling is lower, and it seems that $10K is the across-the-board amount, without regard to seniority, hours, quality of work, or other such considerations. (Of course, if we’re wrong, please let us know.)”
Read more here at Above the Law…
And stay tuned because from what we hear this is going to be a big two weeks ahead for bonus and salary news. And check in tomorrow as we have a breaking story that we are just confirming.
Have any tips on your firm? Submit them in the comments, then check out what firms have on offer for associates in Asia and the UK at Law Alliance.