According to a recent report in Legal Week, London-based Allen & Overy has announced that it has “ditched its firm-wide bonus scheme as part of a major pay shake-up that will hike London associates’ pay by 15% and create a new bonus scheme tied to equity partner profits.” In the new plan, which takes effect November 1st, the London office will introduce a performance-related bonus for associates, which will mirror the partner points system under the lockstep. Senior associates will be eligible for a bonus payment equivalent to up to two equity points in a year, with junior associates in line for one point, which was valued last year at £24,008 (US$44,703). The Legal Week report says that junior lawyers at A&O can look forward to 15% rises across the board, making the firm the highest paying London practice. First-year pay will rise in November from its current level of £55,000 to £63,300 (US$117,860).
ALM Research Online offers an Associate Salary Update that covers information that has been published about raises at NLJ 250, Am Law 200, and Global 100 firms. In November, the National Law Journal will release its latest survey of the 250 largest firms in the U.S.; that report will also include updated information about first-year associate compensation.
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