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Shearman & Sterling has boosted associate salary rates across the board in its latest UK lawyer salary review.
The US firm has increased pay rates across the three-tier merit-based structure introduced last year, with the new pay scale taking effect from 1 May.
The review brings the newly qualified solicitor pay rate to £78,000, marking a partial recovery after the firm dramatically slashed its NQ rate from £80,000 to £73,000 in 2009 and froze trainee and associate locksteps.
UK junior associates’ salaries will now range from £78,000 to £108,000, compared to £73,000 to £95,000 last year.
Mid level associates’ salary band will range from £109,000 to £142,000, up from £96,000 to £123,000, and senior associates will earn between £143,000 to £175,000, up from £124,000 to £160,000 last year.
The firm also plans to introduce a new matched pension contribution scheme for all lawyers based in London from May 2012.
London managing partner Nick Buckworth said: “The decision to increase our salary rates reflects our ongoing commitment to rewarding the very talented lawyers we have working here and recognising their contribution to the firm’s success. As part of that commitment we continue to focus on and support individual associate career development and progression.”
Shearman’s global HR director Marcus Franks added: “We’re very encouraged by the buy-in to our merit-based approach. We believe that this is enabling us to reward our lawyers in a meaningful way and recognise that the quality bar among our people here is exceptionally high.”