Travers Smith freezes junior lawyers’ pay

Travers Smith has frozen salaries for its associates and trainees after announcing disappointing financial results for 2007-08. It means that the firm’s junior lawyers remain on last year’s rates of £36,000 for first-year trainees, £40,000 for ­second-year trainees and £64,0000 for newly qualified ­associates. Last month Travers revealed that turnover had risen by just 3.2 per cent during the last financial year, while average profit per equity partner dropped by 7.6 per cent to £755,000. Managing partner Chris Carroll cited the economic downturn and the rising cost of salaries.