A&O lifts freeze on salaries
Law firm Allen & Overy has lifted its salary freeze and awarded staff an extra day of annual leave after seeing a profit increase earlier this month. Allen & Overy said its turnover had slumped 4 per cent over the past year to £1.05bn, but profits per equity partner rose by a tenth to £1.1m due to the firm downsizing its operations. The average bonus for a newly-qualified solicitor is now £5,000 a year, while an average senior associate would receive £39,500.