Second sizeable rise this year
Shearman & Sterling has increased newly qualified (NQ) solicitor salaries for the second time this year.
NQs in the London office of the US firm will soon earn £145,000, up by roughly 7% from £135,000.
Shearman last boosted NQ pay packets in April by 12.5% from £120,000.
There are some more associate salary rises further up the chain. Solicitors with one year post-qualification experience (PQE) also receive a £10k pay boost, taking their salaries to £155,000, while 3PQEs are now on £195,000 and 6PQEs on £250,000. The rises are effective from January 2022.
A number of US firms in London have increased junior lawyer salaries in recent weeks and months, including Weil, which went from £133,000 to £145,000 last month. Gibson Dunn and Sullivan & Cromwell both pay out £145k to their London NQs as well.