Shearman & Sterling has announced salary rate increases for its UK trainees and newly qualified associates. The salary increases, which took effect from 1 May 2015, will see the basic pay for first-year trainees rise 15.4 per cent from £39,000 to £45,000. The salaries of second-year trainees will rise 13.5 per cent from £44,000 to £50,000.
The salary for newly qualified associates will rise 6 per cent from £83,000 to £88,000. This follows a rise in the NQ rate last year from £78,000 to £83,000, resulting in an increase of 11 per cent over the last two years.
The changes apply to UK lawyers and trainees across the firm. Last year, Shearman & Sterling increased the salary rates for its UK lawyers, increasing pay levels for junior, mid-level, and senior associates by 6.4 per cent.
London managing partner Nick Buckworth commented: "We are committed to ensuring our talented lawyers and trainees are rewarded and recognised for their contribution to the firm’s growth and success. This move, combined with our career development programme, is part of our strategy to ensure we attract and retain the top talent in the market.”
In February, Shearman & Sterling announced its London office increased revenue from $134.8m to $144.6m (£93.4m) in 2014, marking its fifth year of consecutive growth.