Following a strategic review conducted in conjunction with HR consultancy Towers Watson, Linklaters has unveiled sweeping changes to its pay structure and leave policy. Taking its lead from rival Magic Circle outfit Allen & Overy, Linklaters has this week published revised typical salary and bonus information for NQ and PQE lawyers. The median salary for a NQ lawyer (including a median mid-rating bonus) has been lifted to £81,000, or £91,000 for the strongest performers. By the time lawyers arrive at 3PQE level, the median salary including bonuses sits between £111,000 and £130,000.
The firm is also planning to fine tune the criteria on which it awards bonuses to employees in order to better measure value-adding beyond utilization levels – for example, by taking into account knowledge and learning, client and business development and business management.
Annual leave has also been given a boost at the firm, up now to 27 days per year from the previous 25 plus an extra day off in the birthday month of each employee. At crucial career junctures, lawyers will also be offered the opportunity to take a four-week sabbatical away from the firm including two weeks paid leave and two weeks unpaid, the cost of which would be spread over a six month period. All qualified lawyers will be offered the opportunity to work from home one day per week.
‘The objectives of this review were to improve and differentiate our reward offering, which is key to attracting, motivating and retaining the highest calibre and highest performing talent in the market. We believe that the changes we are implementing do that, providing a strong and positive message to our people while standing out within the market as an extremely competitive and well-rounded proposition,’ commented Linklaters partner Satindar Dogra.
The changes will come into effect on 1 May. Sources: The Lawyer; Legal Business
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