Rises for trainees too
Travers Smith has become the latest City law firm to increase the salaries of its newly qualified (NQ) associates, aiming to keep pace with similar raises implemented by many of its rivals.
The outfit has moved NQ base rates from £110,000 to £120,000, an uplift of 9% that sees it draw level with the likes of Norton Rose Fulbright and Mayer Brown.
The firm said that NQs have the potential to earn up to £20,000 as an additional bonus.
The base move falls short of the £125,000 now on offer at Ashurst and Reed Smith which both announced pay uplifts last week.
Travers also confirmed trainee pay has increased to £54,000 in year one and £59,000 in year two. These previously sat at £50,000 and £55,000, respectively.
The Legal Cheek Firms Most List shows Travers recruits around 40 trainees each year.