Comments on: Salary bunching: the unspoken effect of the City talent war https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/ Legal news, insider insight and careers advice Thu, 05 May 2022 13:37:07 +0000 hourly 1 https://wordpress.org/?v=6.5.5 By: US pay truther https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159974 Thu, 05 May 2022 13:37:07 +0000 https://www.legalcheek.com/?p=174997#comment-1159974 We need more on US pay for firms depending on exchange rate so they can’t hide behind the veil of purportedly paying Cravath. For example, Latham pays NQs “215k USD” but that’s converted at 1.45 (especially bad exchange rate they’ve chosen to fix) = 148k GBP. Kirkland does spot exchange so as of today annualised it’s 173k GBP. Firms like Latham need to get a move on.

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By: 'Curious' George https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159958 Thu, 05 May 2022 09:52:09 +0000 https://www.legalcheek.com/?p=174997#comment-1159958 In reply to Pls you’re gonna put firms off increasing salaries.

I’m very interested to find out more about Silver circle rates post NQ. It seems they used to bleed associates a lot less than the MC. Is it quite a decent package then?

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By: Middling Templar https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159953 Thu, 05 May 2022 09:02:23 +0000 https://www.legalcheek.com/?p=174997#comment-1159953 So six years after graduating, this sols are just making £106k? That must be depressing, especially with the 62% income tax rate coming in the following years too to gobble up most of any other raises.

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By: LL Associate https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159952 Thu, 05 May 2022 08:09:46 +0000 https://www.legalcheek.com/?p=174997#comment-1159952 In reply to Anon.

My guess is they’d already decided a number then FBD threw a massive spanner in the works and they’re having to look again. I’d already heard rumours of fairly chunky raises though.

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By: lol https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159951 Thu, 05 May 2022 08:08:12 +0000 https://www.legalcheek.com/?p=174997#comment-1159951 In reply to Future Trainee at MC.

Nobody cares

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By: Curious old codger https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159950 Thu, 05 May 2022 08:00:36 +0000 https://www.legalcheek.com/?p=174997#comment-1159950 In reply to Future Trainee at MC.

Really? Your decision would be made over a couple hundred pounds net in your account a month (not to be sneezed at, just curious)? What else are you basing this on?

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By: SPB https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159949 Thu, 05 May 2022 07:30:45 +0000 https://www.legalcheek.com/?p=174997#comment-1159949 In reply to While on the subject of sauces – the only liquid that should be on a roast is gravy. Mint sauce / horseradish on a roast is an abomination..

SPB did confirm yesterday that they are committing to increasing NQ pay to “at least” £65k in the regions and £100k in London.

They confirmed that it will be higher than that if the market at the time demands.

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By: Boris Jokeson https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159943 Wed, 04 May 2022 23:51:26 +0000 https://www.legalcheek.com/?p=174997#comment-1159943 In reply to They just increased.

Ahead of CMS too. Complicates things further as they have historically paid less.

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By: Walter https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159942 Wed, 04 May 2022 23:44:31 +0000 https://www.legalcheek.com/?p=174997#comment-1159942 In reply to Why?.

Because at least they have the decency to offer a competitive salary, unlike the rest of the regional outfits.

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By: PSA!! PSA!! PSA!! https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159940 Wed, 04 May 2022 20:42:19 +0000 https://www.legalcheek.com/?p=174997#comment-1159940 It seems that exactly what was feared by many colleagues in the other article has happened. LC clearly tip-toeing so they don’t lose their sponsorships while not adding anything further meaningful to the discussion. Many people were hoping that the initial article was the start that was needed to gather momentum and spark change but looks like it’ll stop here.

LC – it is evident from the number of comments that people are willing to collaborate. Make this happen and junior lawyers will flog to your website and you will be gaining a lot of respect from people who will go on to become senior lawyers in the city.

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By: Tipper Offer https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159935 Wed, 04 May 2022 18:30:51 +0000 https://www.legalcheek.com/?p=174997#comment-1159935 In reply to Anon.

Because one of the interesting things, my interesting thing is very specific and I asked in my email for that to remain confidential. You could probably round up the specific people who that circumstance applies to and find out who it is.

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By: While on the subject of sauces - the only liquid that should be on a roast is gravy. Mint sauce / horseradish on a roast is an abomination. https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159934 Wed, 04 May 2022 16:26:39 +0000 https://www.legalcheek.com/?p=174997#comment-1159934 In reply to Casual Pay War Enjoyer.

I see Squires hitting 60-62k (currently paying 55k I believe). I think they increased to 55k before DLA’s power move to 65k which kicked off the regional pay war and so might still be yet to respond.

I see Shooeys increasing to 55 – 58k (currently paying 50k). I think 55k is most likely, after all they’re not on the level for the 60k+ firms (ES, DLA, AG). If they were to hit 60k that would definitely transcend them from the Mills and Reeve / Gateley crowd.

I dip the chips in the garlic butter and the steak juice.

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By: Future Trainee at MC https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159932 Wed, 04 May 2022 15:40:09 +0000 https://www.legalcheek.com/?p=174997#comment-1159932 In reply to CC.

lol, CC better do better otherwise, I am ending up at FF.

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By: Casual Pay War Enjoyer https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159931 Wed, 04 May 2022 15:27:59 +0000 https://www.legalcheek.com/?p=174997#comment-1159931 In reply to My choice of sauce with a steak is garlic butter. Many people favour peppercorn sauce but I find it overpowers the steak..

I know Shooeys does a summer pay review so this is a good bet.

An increase at Squires also seems likely but climbing in the ring with DLA at £65k NQ would be a big move. Then again everyone I know there has punishingly long hours by regional standards.

Are you not ordering the peppercorn sauce on the side to dip your chips in?

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By: CC https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159930 Wed, 04 May 2022 15:14:30 +0000 https://www.legalcheek.com/?p=174997#comment-1159930 In reply to Anon.

CC is doing its salary review as it always does, backdated to May. So we will see soon. Rumour is a 120k NQ.

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By: My choice of sauce with a steak is garlic butter. Many people favour peppercorn sauce but I find it overpowers the steak. https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159928 Wed, 04 May 2022 14:59:56 +0000 https://www.legalcheek.com/?p=174997#comment-1159928 In reply to Sally.

Another regional rumour is that Shooeys are increasing salaries. No word on the amount though.

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By: They just increased https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159927 Wed, 04 May 2022 14:22:44 +0000 https://www.legalcheek.com/?p=174997#comment-1159927 In reply to Sally.

Believe it when I see it. Imagine squires matching DLA and ahead of AG, ES and PM

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By: Ex-DLA https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159926 Wed, 04 May 2022 13:47:58 +0000 https://www.legalcheek.com/?p=174997#comment-1159926 In reply to DLA is the way.

Salary bunching in London is very real at DLA

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By: Anon https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159924 Wed, 04 May 2022 13:32:10 +0000 https://www.legalcheek.com/?p=174997#comment-1159924 In reply to Anon.

Lots of firms including the Firm I am joining review salaries at the beginning of July and then backdate them to May

Could be waiting to see what the rest of the market does in the meantime!

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By: Sally https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159922 Wed, 04 May 2022 13:19:06 +0000 https://www.legalcheek.com/?p=174997#comment-1159922 Rumour has it that Squires are raising NQ salaries in the regions to £65k

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By: Why? https://www.legalcheek.com/2022/05/salary-bunching-the-unspoken-effect-of-the-city-talent-war/#comment-1159921 Wed, 04 May 2022 13:15:20 +0000 https://www.legalcheek.com/?p=174997#comment-1159921 In reply to DLA is the way.

Why are DLA a class outfit in terms of banding? Genuine question. Only saw regional salaries on the other thread.

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