Slaughter and May has increased associate salaries by an average of 2 per cent following its bi-annual pay review.
Salaries for trainees and newly qualified (NQ) solicitors at the City powerhouse will remain the same, while there have been small pay hikes for associates with one to four years’ post-qualification experience (PQE).
One-year PQEs will see their pay packets increase from £68,000 to £69,000, while two-year PQEs have been offered a slightly bigger increase with salaries going up from £74,000 to £76,000. Three-year PQEs will now be paid £86,000, up from £84,500, and four-year PQEs will see earnings rise from £93,000 to £94,500.
Slight increases have also been made to salaries beyond the four-year PQE level, although associates at that stage are paid within wider bands.
Trainee salaries will remain at £38,000 for first year and £43,000 for second year trainees. NQs will continue to earn £61,500.
Slaughters executive partner Graham White said: “We think we have struck the right balance by adjusting the scales to ensure that they compare favourably with current market rates and ensuring that salaries progress in line with experience and responsibility.”
The salary increases are broadly in line with those announced last year. Slaughters reviewed its salaries in May 2010 following a one-year pay freeze during which associates did not progress through the lockstep. At the same time, NQ salaries fell from £66,000 to £61,000.
The firm will review its pay again, including for NQs and trainees, in November.