Shearman & Sterling has announced salary rate increases for its UK qualified associates.

The salary increases, which took effect from 1 May 2017, will see the basic pay for newly qualified associates' rise 10.5 per cent from £95,000 to £105,000. Mid-Level associates band will see a 9.5% increase from £126,000 to £138,000. The start of the senior associates salary band, will rise to £165,000 up 5.6% on last year.

London managing partner commented: "We are committed to attracting and retaining the best of the brightest associates. Our salary rate increase is an acknowledgment of the hard work and commitment of our talented associates and recognises their ongoing contributions to the firm's success."

In February, Shearman & Sterling announced that its London office increased revenue by 14.2% from $144.6 million in 2015 to $169.7 million, marking its sixth year of consecutive growth.