Slaughter and May has boosted trainee and associate pay for the first time since 2011, with junior lawyers getting a two per cent wage hike.
The top ten City firm has increased salaries by an average of 2 per cent for all junior lawyers but has only modestly boosted one year post-qualification experience (PQE) associates’ salaries.
Newly-qualified lawyers will also receive a pay rise of 2.4 per cent with salaries rising by £1,500 from £61,500 last year to £63,000 this year.
A salary for one year PQE associates now stands at £69,500 compared with £69,000 last year, a rise of 0.7 per cent.
For two year PQE associates salaries are also up by £1,500 from £76,500 to £78,000, a rise of 2 per cent.
Three year PQE associates, meanwhile, received £86,000 last year and will now be paid £87,500, a 1.7 per cent rise.
The firm has also boosted trainee salaries by 2.6 per cent from £38,000 to £39,000 for first year trainees and from £43,000 to £44,000 for second year trainees, a rise of 2.3 per cent.
Richard Clark, incoming executive partner, said: “We look to see what the market is and our assessment is that this is the right and fair thing to do. We are cautiously optimistic – the economic climate is still very uncertain but I think all of our competitors would say that.”
Previously the firm reviewed salaries twice a year. In November 2011, it kept associate and trainee salaries static while NQ salaries increased from £61,000 to £61,500 (31 October 2011). In May 2011, wages rose by an average of 2 per cent (5 May 2011).