Law firm Slaughter and May is revamping its pay and benefits package for its 1,139 employees, including a pay increase for associates, the introduction of paid sabbaticals, an on-site doctor, and the opportunity to work from home one day a week.
The changes to the firm's compensation and benefits offering are the result of an internal consultation process that has taken place over 2016, conducted in partnership with Willis Towers Watson. This included a series of focus groups and an employee survey, which had an 84% response rate.
Associate salary scales will increase from 1 January 2017, with newly qualified associate pay rising from £71,500 to £78,000. Employees with one year post qualified experience (PQE) will see their pay increase from £79,000 to £87,000, with pay rising from £90,250 to £98,500 for associates with two years' PQE, and from £99,750 to £108,000 for associates with three years' PQE. The increases will be based on PQE levels as at March 2016.
Based on the findings of the internal consultation, associate remuneration will continue to reflect the flat lockstep structure of the firm’s partnership, and its no billable hours target culture.
Pay rates for trainees will remain unchanged at £43,000 for first year trainees and £48,000 for second year trainees.
All employees will receive an annual staff bonus on 31 December 2016. For associates, this will be in the region of 9%-16%, depending on PQE. Trainees, business services staff, professional support lawyers, secretaries, and paralegals will receive a 3% bonus.
As of 1 January 2017, all associates will have the opportunity to request to work one day a week from home. The organisation will also introduce a four-week paid sabbatical, which will be available to associates when they reach three years' PQE.
In addition, the law firm will provide employees with 30 days of annual paid holiday from 2017.
Over the course of 2017, Slaughter and May will also introduce an on-site doctor, employee-paid dental insurance, and matching pension contributions for all employees under 25 years-old.
The organisation will also introduce a qualification leave loan for trainees. This is an interest free loan for trainees to make use of during the additional month of unpaid leave they are eligible for upon qualifying, which can be repaid in instalments.
Through the launch of the new benefits and changes to pay, Slaughter and May aims to promote the ethos and culture of the firm.
Richard Clark, executive partner at Slaughter and May, said: “Core to our culture is our lack of billable hours target and our belief in a ‘one firm’ approach. This has enabled us to create a distinctive structure that we believe best meets the aspirations of our talented teams across the firm.
“We have adopted a highly consultative and carefully considered approach to reviewing how we can best recognise and motivate our people. Our objective has been to arrive at a progressive and holistic package that includes remuneration but also supports the cultural values that are most important to all our employees.”
