Larger law firms are freezing and cutting the salaries of trainees and junior lawyers
In view of the consequences of what has happened in recent months, law firms have taken measures to mitigate losses and have temporarily reduced the salary of some of their lawyers, but have also frozen the salary of trainee lawyers.
In this case, the British firm Bird & Bird has announced a freeze on the salaries of its trainee lawyers, who in their first year will earn £40,000 to £44,000. This law firm has decided to set aside a percentage of the quarterly profit distributions.
In May, Bird & Bird decided to suspend promotions to its lawyers. Bird & Bird is not the only British firm to take these measures in relation to trainees, they have also joined HFW, by postponing the admission of trainees for more than six months, through the payment of a £5,000 deferral. In turn, DLA Piper offered its trainees £10,000 for a 12-month deferral.
Hogan Lovells also adopted similar measures carried out by Bird & Bird with respect to the trainees' salaries, freezing the salaries of second-year trainees. The firm also decided to reduce the salary of newly-qualified associates by 5.5%.
Slaughter and May decided to reduce the salary of the new-qualified associates from £92,000 to £87,000.