Shearman & Sterling has handed its newly qualified solicitors an 8 per cent pay rise and raised the salaries of lawyers across the firm.
NQs will now receive £95,000, up from £88,000 last year. It puts the firm closer to the top of the NQ pay scale, though it does not match the likes of Akin Gump or Vinson & Elkins, which are among the firms paying more than £100,000 to NQs.
The starting salary for associates in Shearman’s mid-level band (which they enter at 3.5PQE) rises by 9.5 per cent, from £115,000 to £126,000.
The senior associate band begins at 6.5PQE. Associates entering this band receive a 6.8 per cent boost, from £146,000 to £156,000.
Trainee pay remains at £45,000 for first years and £50,000 for second years, following a large increase last year.
The US firm has also formalised its agile working policies in London. The Lawyer revealed last month that it was considering introducing such policies in the UK after it allowed its US-based associates to work from home two days a month.
The new policy does not specify any set number of days that lawyers can work from home; associates and counsel are asked to obtain authorisation from their line manager for consideration. London managing partner Nick Buckworth said: “In a recent internal survey, our staff clearly told us that having the ability to work flexibly was of increasing importance. We are pleased to have put in place new processes that enable our team to work in a more agile way and we have the full support of our partners to ensure this is a success.”