Slaughter and May has become the latest City law firm to unfreeze salaries and is moving associates up to the next pay band.
The firm has also boosted associate salaries but has stopped short of increasing newly qualifed (NQ) associate or trainee solicitors’ salaries meaning NQs will continue to pocket £61,000. This puts Slaughters’ NQ salary on a par with Allen & Overy, which last week announced a modest rise in associate pay for all its lawyers (read more).
Executive partner Graham White said: “We want to ensure that our salary levels compare favourably with current market rates and progress in line with experience and responsibility. So we are announcing increases this year for associates and an unfreezing of the process of progression through the scales.”
Clifford Chance and Linklaters meanwhile have now emerged as the most generous employers in relation to NQ pay with both offering salaries of £61,500. In comparison rival magic circle firm Freshfields Bruckhaus Deringer pays its NQs £59,000.
Unlike most other firms Slaughters reviews salaries in both November and May with the firm last upping associate pay in November 2008 compared to its rivals, which have not increased salaries since May 2008.