NQs at the firm will continue to pocket annual pay of £63,500 following the announcement, which comes after Norton Rose earlier this week posted annual revenues of £297m – up 27% from last year.
However, the firm has fast-tracked 25 associates to more senior positions following a shake-up of the firm’s pay scales in February that resulted in a shift away from a model based on post-qualification experience (PQE).
Associates were assessed in their February and March appraisals on five key competencies: development and appointment of knowledge and technical skills; efficiency; business development; teamwork; and good citizenship.
The decision to change the system followed an independent survey of associates conducted in by external consultants, as reported by Legal Week, although it unclear how many associates have been moved to each band.
The decision to hold NQ pay at its current level comes after rival City firm Hebert Smith last month also froze its salaries for junior lawyers, with NQs staying on £64,000 and lawyers with one year PQE earning £69,000.
Magic circle giant Allen & Overy also opted not to raise salaries, keeping NQs on £65,000, moving up to £71,500 after a year.
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