Trainees also awarded pay rises
Shearman & Sterling has increased the salaries for its UK trainees and associates across all levels, as competition for junior lawyer talent hots up in the market.
The US-headquartered firm confirmed newly qualified (NQ) solicitor pay now sits at £135,000 per year, up 12.5% from £120,000.
The pay rise puts Shearman’s London NQ lot on the same levels of cash as those over at Davis Polk, and just above those at Cleary Gottlieb, Paul Hastings, Skadden and Weil Gotshal, all of whom pay £133,000 upon qualification, according to our Firms Most List.
Qualified solicitors of up to three year’s post-qualification experience (PQE) have also seen their salaries soar by as much as 19%, while associates in all other classes will have their pay adjusted accordingly.
The firm has splashed the cash on its trainee solicitors, too, giving both first and second years an extra £5,000. First year trainees now earn £50,000, rising to £55,000 in their second year.
A Shearman & Sterling spokesperson said in a statement:
“We have increased our UK track associate salaries across the board for UK junior, mid-level and senior associates. The competition for associate talent is fierce and these changes ensure we remain very competitive in the market.”
Slowly we are beginning to see some major law firms restore their NQ lawyer pay packages having opted to cut them by varying amounts to stymie the financial fall-out from Covid-19. Linklaters yesterday announced it had bumped NQ lawyer pay to £92,500, plus discretionary bonus, after reducing it by 10% last summer.
