‘Total cash’ can attain £133k with bonus, says agency
Norton Rose Fulbright (NRF) has joined the warfare for junior lawyer expertise with a revamped “compensation strategy” that can see its newly certified (NQ) associates earn a minimum of £95,000 a 12 months.
The transfer equates to an additional £10,000 or 12%, with NQ base charges beforehand pegged at £85,000.
NRF says for these NQs who hit billing targets of 1,800 hours and above, “total cash compensation” shall be £107,500, rising to a most of £133,000. The uplift takes impact from 1 January 2022.
The Authorized Cheek 2022 Corporations Most Record reveals the £95,000 base wage matches that on supply at Mayer Brown and is £5k above the £90,000 dished out by the likes of Ashurst, Baker McKenzie and Macfarlanes.
The wage uplift comes a bit over a 12 months because the agency opted to minimize NQ charges by 6%, from £87,500 to £82,500, in a bid to curb the monetary affect of the pandemic. Some 9 months later it elevated charges by 3% to £85,000 — a determine which fell wanting the agency’s pre-Covid NQ base charge.
Individually, NRF has made a collection of tweaks to the forms of actions that may depend in the direction of billable hour targets. As well as to data, professional bono, variety & inclusion, and CSR actions, time spent on innovation initiatives that “improve the client experience and service delivery” will even now depend. It has additionally elevated the time that may be spent on these actions from 100 to 125 hours.
Peter Scott, NRF’s managing accomplice in Europe, Center East and Asia, commented: “We are committed to incentivising and rewarding high performance, which for us is about our people working smarter and not just harder. That’s why we’re focusing on encouraging and recognising innovation.”
“We will be crediting our people who spend time redesigning how we work, using technology and process to deliver more effective and efficient solutions for our clients. This approach also means our associates can focus on strategic and complex matters to support their professional development, our clients and our business.”