Slaughter and May has introducedadiscretionary bonus of 15 per cent for all associates and trainees as part of its biannual pay review.
Salaries have been raised by 12-15 per cent for associates at all levels. Senior partner Tim Clark said: Since our May 2006 review the market had moved and wed dropped back. We didnt want to be in that position.
Newly qualified associates salaries move up to 60,000 from 1 November. First-year trainee salaries go up from 31,000 to 34,000, while second-year trainees will now receive 38,000, up from last years 34,500.
Unlike most other top-10 City firms, Slaughters bonus is not performance-related. It also has no chargeable hours targets. It is discretionary because it is not obligatory, but if the firm awards a bonus all associates and trainees will receive the full 15 per cent.