Shearman NQs get 10% pay bump to £105,000
Shearman & Sterling has raised its salaries for newly-qualified (NQ) solicitors by more than 10 per cent.
NQs at the US-founded firm will now take home £105,000, up 10.5 per cent from £95,000 last year.
It is a 33 per cent increase on the £78,000 the firm was handing out in 2013.
Further up the chain, the start of the salary band for mid-level associates band increases by 9.5 per cent from £126,000 to £138,000, while the start of the senior associate salary band (6PQE and upwards), rises 5.6 per cent to £165,000.
The starting trainee salary remains the same at £45,000.
London managing partner Nick Buckworth said: “We are committed to attracting and retaining the best of the brightest associates. Our salary rate increase is an acknowledgment of the hard work and commitment of our talented associates and recognises their ongoing contributions to the firm’s success.”
The firm’s London office grew its revenue from $144.6m in 2015 to $169.7m in 2016.
Last summer, New York firm Cravath Swaine & Moore raised its New York starting salary for the first time in years, sparking a wave of pay rises at American firms and triggering corresponding salary bumps at US firms in London. The best-paid NQs in the City now take home in the region of £125,000.