Freshfields ends salary freeze
26 February 2010
In a significant sign that market confidence is improving, Freshfields has announced that it is thawing its year-long salary freeze.

In common with many firms, Freshfields froze its associates' salaries last year, with lawyers no longer receiving automatic pay-rises for each year's service. This policy will be lifted in May, when associates will again move up to the next salary band. Bonuses will continue to be paid to strong performers.

It's pretty much inevitable that the rest of the big City firms will have to follow suit, and so this is clearly good news for associates. But in reality it's not exactly generous. Newly qualified solicitors will stay on a reduced rate of £59,000, the salary bands themselves will not increase, and associates won't move up two bands to compensate for being done over last year - so salaries will remain a year out of kilter. And given that the firm's partners have just had their best year ever , this is hardly a display of unbridled largesse.
 

A Freshfields associate eyes up her pay rise

A spokesman for Freshfields said "while the outlook globally is still uncertain, our people have worked very hard to help our clients and the firm through the challenges of the last year or so, and we are grateful for the contribution everyone has made".

But he added that there was still the possibility of a double dip recession, the firm remained under pressure on pricing, costs needed to be managed, steady now associates, don't get above yourselves, we can still milk this one for at least another year, the partners' Maseratis and ladyboys don't come cheap you know.