Shearman & Sterling has announced salary rate increases for its English-qualified lawyers, increasing pay levels in the firm's three-tier merit-based system by 6.4%.
The salary increases, which took effect from 1 May, will see the basic pay level for junior associates -- those with up to three-and-a-half post-qualification experience (PQE) -- rise 6.4% from £78,000 to £83,000, with the maximum amount junior associates can be paid rising 5.5% from £108,000 to £114,000.
Mid-level associates with between three-and-a-half and six years' PQE will now earn between £115,000 and £145,000 -- increases of up to 5.5% on the former pay range of £109,000 to £142,000. Senior associates with 6.5 years' PQE or more will earn £146,000 and above.
The changes apply to English-qualified lawyers and those training to be English-qualified in the US firm's London and Abu Dhabi offices.
London managing partner Nick Buckworth commented: "The latest salary rate increases are testament to our ongoing commitment to rewarding the very talented lawyers we have working at Shearman & Sterling and recognising their contribution to the firm's success. We continue to focus on and support individual associate career development and progression."