Shearman associates, here’s 6.4 per cent more sterling for the year ahead. The firm has gifted its UK-qualified lawyers a tidy pay rise after the firm’s London office recorded 20 per cent revenue growth during 2013.
As one of the obvious winners in the US reporting season, it’s no surprise that the pay increase was fairly decent. Especially as there was no special bonus on the back of the financial results. But how do the numbers compare with its peers in the City?
Using Shearman as a snapshot, you’d say that US firms are still dishing out more than the magic circle. UK junior associates’ salaries at Shearman will now range from £83,000 (NQ rate) to £114,000, compared to £78,000 to £108,000 last year. That’s 18 per cent more than the boosted NQ rate at Linklaters, where the salary is £70,500. And while Shearman’s three year PQE’s will bring in £114,000, Linklaters’ stands at £93,500.
But not everyone is cashing in – Shearman’s first and second year trainees will not be getting a rise this year.
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