Slaughter and May has increased its junior lawyer salaries for 2018 and has offered substantial bonuses for its associates.
Slaughters associates will receive a bonus ranging from 9 per cent to 16 per cent if they achieve a good or exceptional level of performance.
The 16 per cent bonus applies to lawyers who are between 4.5 to 6.5 years post qualification experience (PQE), while newly-qualified (NQ) lawyers will be in line for a bonus of 9 per cent.
In addition, the firm said it is increasing pay for trainees, NQs, and lawyers who have been qualified for 6 months and one year.
First year trainees will pick up £44,000 instead of £43,000, while one year PQE associates have also been granted a £1,000 uplift to £88,000.
The increase applies from January 2018.
Slaughters decided not to review its associate pay scales last May following its major review of rewards in December.
This time last year, the firm revealed it was hiking pay significantly by around 8 to 10 per cent. Slaughters also introduced sabbaticals and flexible working options for its junior lawyers as part of a major consultation of the firm’s benefits.
Slaughter and May payscale 2018
1st Year Trainees: £44,000 (£43,000)
2nd Year Trainees: £49,000 (£48,000)
NQ: £80,000 (£78,000)
6 Month PQE: £84,000 (£82,500)
1 Year PQE: £88,000 (£87,000)
NQ-0.5 PQE: 9 per cent
1-2 PQE: 12 per cent
2.5-4 PQE: 14 per cent
4.5–6.5 PQE: 16 per cent