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Kirkland guards against currency fluctuations with new salary cap


By Kathryn Higgins

02 February 2017 at 12:32 BST


US-headquartered firm Kirkland & Ellis has placed a cap on salaries for all of its London-based associates.

alicephoto

With its salaries usually paid out according to monthly spot rates determined by the market, the firm has now introduced a new capped bracket for associate pay in London to avoid the pay fluctuations that have been experienced at the firm the months since the United Kingdom’s EU referendum, which brought considerable volatility to the US dollar’s rate against the pound. It is understood that the upper end of the cap has been fixed at $1.63 to every £1, while the lower end has been set at $1.44 to every £1. The new salary ‘collar’ comes just months after Kirkland implemented changes to its profit distribution model which culled shares from some of the firm’s highest-paid partners.

Sources: Legal Week; The Lawyer

 
   
 
 
 

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