Just Slaughters left to increase
A&O Shearman has become the fourth Magic Circle law firm to boost pay for newly qualified lawyers (NQs), taking its starting salary up to £150,000.
This is an increase of £25,000, or 20%, from the outfit’s previous salary of £125,000, and comes within weeks of identical raises at Freshfields, Linklaters, and Clifford Chance.
Having officially merged just this month, the new A&O Shearman NQ salary marks an increase from both pre-merger figures, including the former Shearman & Sterling pay of £145,000.
This latest increase is effective of 1 May.
Trainee salaries have also increased from £50,000 to £56,000 in year one and £55,000 to £61,000 in year two.
Denise Gibson, London managing partner, A&O Shearman said:
“With A&O Shearman we have created a unique law firm and our ambition is to be the firm of choice for the best, most diverse talent. Our compensation structure gives us flexibility to reward expertise, performance and wider contribution and is designed to be highly competitive to reflect the markets in which we operate. Trainees and NQs are a key part of the firm’s future and A&O Shearman provides unmatched opportunities for them to build successful careers. Our people are fundamental to our success and, in addition to offering a competitive remuneration and excellent benefits package, we are committed to nurturing a rewarding and supportive culture, which includes important elements such as a focus on wellbeing and engendering an environment where people can be themselves and excel.”
The Legal Cheek Firms Most List 2024 shows that Slaughter and May is the only Magic Circle firm not to increase the salaries of its junior lawyers, currently remaining at the previous standard of £125,000.