In a recent trend, numerous United Kingdom-based law firms including Freshfields Bruckhaus Deringer, Clifford Chance, Herbert Smith Freehills, and Allen & Overy have followed suit in matching the salary and bonus increases of American associates, initially set off by Milbank last month. This wave of pay rises has ensured that junior associates in the United States now nearly earn a third more than their counterparts in the UK.
Only a week before, Freshfields Bruckhaus Deringer, in a firm memo, announced a salary hike, in addition to bonuses, for its American associates. The company is now offering the same salary scale and bonuses as Cravath, Swaine & Moore.
This move by UK firms to match American standards is enhancing the remuneration landscape for legal associates across the borders. For further details, see the full article from the Law.com International Edition here.