International Legal News Roundup: That OE in London now even more lucrative

Plus: Allen & Overy also boosts senior associate pay rates, and changes afoot at Bingham and Fenwick & West

Shearman ups UK associate pay by 6.4% after record year

If you’re planning a UK OE, it could be worth considering a US firm rather than a member of the magic circle. Shearman & Sterling has boosted associate salary rates in its latest UK lawyer salary review by 6.4%.
Shearman is one of several US firms dishing out more than their magic circle counterparts.
UK junior associates’ salaries at Shearman will now range from GBP83,000 (roughly AUD148,000) to GBP114,000 (roughly AUD204,000), which is 18% more than the boosted NQ rate at Linklaters (GBP70,500). And while Shearman’s three-year PQEs will bring in GBP114,000, Linklaters’ stand at GBP93,500. (The changes only apply to English-qualified lawyers and those training to be English-qualified in the US firm’s London and Abu Dhabi offices.)
Allen & Overy, meanwhile, has increased minimum salaries for senior associates by 5%, but has not changed its junior pay scale for this financial year. The firm’s senior associates, who are eligible for promotion from 4.5 years’ PQE onwards, will pocket a minimum of £105,000, up from £100,000.
A&O is the second magic circle firm to unveil its associate pay rates for 2014, after Slaughter and May upped salaries for its junior lawyers by between 0.7% and 3.2% last week.
Bingham McCutchen chair to hand over responsibility

The long-standing chairman of global firm Bingham McCutchen LLP is scaling back his leadership role, a move the firm said is “the next step” of its succession plan – but which happens to come directly following a significant drop in revenue.
Jay Zimmerman has led the firm since 1994 and oversaw Bingham’s expansion from mid-size Boston practice to an international firm with 14 offices worldwide.  He will hand over daily responsibilities to managing partner Steve Browne, who has held a number of leadership roles at the firm.
Last year the firm’s revenue sank by 12.6% or roughly US$110m.
Fenwick & West open inaugural Shanghai Office

Silicon Valley-based technology and life sciences specialist firm Fenwick & West LLP has opened its first international office in Shanghai, led by partner Eva Wang and staffed by five other US-qualified lawyers.
Wang focuses on US corporate and securities law for Chinese technology companies and for American companies doing business in the region.

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