Allen & Overy has lifted its salary freeze by announcing marginal increases in its associate remuneration packages for 2012-13.
The magic circle firm is increasing pay by between 0.6 and 1 per cent for newly qualified (NQ) lawyers and those in their first three years following qualification.
Associates with one-year post qualification experience (PQE) will earn £68,500, up from £68,000 last year. Those with two-year PQE will take home £74,500 as opposed to £74,000 in 2011-12.
Lawyers with three-year PQE received the largest boost, seeing their pay packet go up from £85,000 to £86,000.
NQ salaries have also risen, to £61,500 from £61,000.
Last year the firm froze salary bands but allowed associates to receive pay rises by progressing to the next level (11 May 2011).
Meanwhile, in 2009-10 the firm froze its salary bands at 2008-09 levels and stopped associates from progressing to the next level.
In 2010-11 it removed the restriction on allowing marginal increases, boosting one-year PQE, two-year PQE and three-year PQE pay bands to £68,000, £74,000 and £85,000 respectively. NQ pay rose from £60,000 to £61,000.
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