Travers freezes junior lawyer pay

Travers Smith has frozen salaries for its junior lawyers in response to the economic downturn.

Travers is the latest City law firm to announce that it would not be raising trainee solicitor or associate pay this year.

Other firms to have frozen rates include Allen & Overy and Eversheds.

Herbert Smith and Olswang initially announced salaries would remain at last years levels only to backtrack and increase rates in response to pay hikes at rival law firms.

Trainee solicitors and associates at Travers Smith will remain on last years rates of 36,000 for first-year trainees, 40,000 for second-year trainees and 64,0000 for newly qualified associates.

The announcement comes after the firm unveiled disappointing financial results for 2007-08.

Last month Travers revealed that turnover had risen by just 3.2 per cent during the last financial year, while average profit per equity partner dropped by 7.6 per cent to 755,000.

Managing partner Chris Carroll cited the economic downturn and the rising cost of salaries.