The cost of living is soaring. U.K. inflation is at a 41-year high. Chancellor Jeremy Hunt’s Autumn Statement made grim reading for many as the government attempts to balance the country’s books with tax rises and spending cuts.
Several firms are reacting to the current economic situation by handing out cost of living bonuses to their lowest earners, which in most cases means trainees and business support professionals. This week Simmons & Simmons became the latest to do so, following the likes of Norton Rose Fulbright, Clifford Chance and Bird & Bird. The pay war for junior lawyers finally seems to have calmed down, but don’t be surprised if this becomes a new way of attracting and retaining talent at the lower-wage end.