Slaughter and May has increased its trainee and associate remuneration for the second time in two years, with newly-qualified lawyers receiving a pay hike of up to 3.2 per cent.
NQ’s are set to receive the biggest pay rise, seeing their remuneration jump up from £63,000 to £65,000 on 1 May 2014.
The salary for one year post-qualified associates will rise from £69,500 to £70,000, marking an uptick of 0.7 per cent.
For second-years, it will increase by 1.3 per cent from £78,000 to £79,000.
Third years will see a 2.3 per cent rise rise from £87,000 to £89,000.
Meanwhile, first year trainees will pocket an additional 1.3 per cent with salaries jumping from £39,000 to £39,500. Second years will take home an additional 2.3 per cent, increasing from £44,000 to £45,000.
The move means that NQ salaries at Slaughters have increased by a hefty 5.7 per cent over the past two years, from a base level of £61,500 (30 April 2013). The previous year, in 2012, the firm froze pay bands for all junior associates apart from a slight increase by associates with two years’ PQE (30 April 2012).
Prior to 2011, the firm reviewed salaries twice yearly before scrapping the system to be more in line with the rest of the market.
Slaughters’ executive partner Richard Clark said in a statement: “The firm has seen an encouraging level of activity so far this year and we remain cautiously optimistic about the prospects for the continuing recovery of the wider economy.”
In January 2013, the firm abandoned its rigid associate lockstep for associates with more than four and a half years’ post-qualified experience who demonstrate “outstanding” performance (17 January 2013).