Herbert Smith has confirmed that it will not be increasing associate salaries for the next financial year. The announcement, which comes after the firm last year reported a drop in profits per equity partner of 2.3 percent, falls into line with widely held predictions that associate salaries across London would stay flat for 2008 following the market downturn. Linklaters defied these expectations earlier Wednesday when it announced a 4 percent pay increase for its associates.
May 01, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Herbert Smith has confirmed that it will not be increasing associate salaries for the next financial year.
The news, which comes after several years of bumper pay rises, makes the top 10 London firm the first to confirm that its salary bands will stay static, with associates simply rolling into the next pay band.
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