Legal professionals working for Linklaters are seeing a significant increase in their salaries as the company seeks to match the current market rates. This announcement comes with an impressive revenue report, with Linklaters ranking 16 on the G200 and boasting a revenue of $2,350,490,000.
At the end of December, the company announced that US associates would receive their New York market bonuses. Amounts varied according to class, with the Class of 2023 projected to receive a pro-rated bonus of $15,000, the Class of 2022 receiving $20,000, the Class of 2021 with $30,000, and so on, with the Class of 2016 and above receiving a healthy bonus of $115,000.
In addition to bonuses, associates are also looking at significant salary bumps to match the new norm in the industry. Salaries for associates in the Class of 2023 will start from $225,000 and go all the way up to $435,000 for those in the Class of 2016 and beyond.
The hefty increase in salaries and bonuses clearly demonstrates Linklaters’ acknowledgement of, and response to, the ongoing developments within the legal market when it comes to remuneration. It stands to reason that this decision will play a key role in attracting and retaining top-tier legal talent in an ever-competitive field.
More and more law firms are now moving to reassess their conventional salary structures, shifting towards higher pay scales that are representative of the current industry standards. As such, the legal community will be keeping a close eye on these developments, to see how this shift in pay structure impacts the recruitment and retention rates at both Linklaters and other law firms.
Those interested in further details about the salary growth and the latest financial developments at Linklaters can learn more from the article published on Above the Law.