Shearman & Sterling raises associate pay
Shearman & Sterling has announced a pay rise for UK qualified associates, increasing salaries by as much as 15 per cent within its three-tier merit-based system.
Until now, the pay band for associates with up to three-and-a-half post-qualification has been set at £73,000 to £95,000. The new pay band for this group will be £78,000 to £108,000, after the lower end of the pay band rises by 7 per cent and the higher end rises by 14 per cent.
Mid-level associates with three-and-a-half to six years' post-qualification experience will see their pay band increase by 15 per cent – earning between £109,000 and £142,000 and leaving behind the previous pay range of £96,000-£103,000.
Senior associates – those with six-and-a half-years post-qualification experience - will now earn between £143,000 and £175,000, with the lower end of the pay band rising 15% from £124,000 and the upper limit up 9% from £160,000.
London managing partner Nick Buckworth said: "The decision to increase our salary rates reflects our ongoing commitment to rewarding the very talented lawyers we have working here and recognising their contribution to the firm's success. As part of that commitment we continue to focus on and support individual associate career development and progression."
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