Shearman & Sterling is hiking salaries for newly-qualified UK lawyers by a massive £12,000, it was announced today (28 April).
The firm will pay newly-qualified assistants £72,000 with effect from 1 May, up from £60,000. Shearman will also raise salaries by a similar amount for all associates up to and including six years PQE.
Trainee salaries and maintenance grants will also go up.
London managing partner Kenneth MacRitchie said: “We have a highly successful business and we wish to fully recognise the ongoing contribution of our associate population, as well as making ourselves a very attractive proposition for talented and ambitious city lawyers.”
Shearman’s human resources head Marcus Franks said the increases were part of a developing strategy aimed at “attracting, retaining and developing our associate talent base”.