Shearman & Sterling has raised salaries for trainees and newly-qualified lawyers, bumping up NQ salaries by 6% to £88,000.
Trainees get a hike of £6k, which equates to a 15% raise for first years and means that, fresh out of law school, they will be on £45,000. Second years will be paid £50,000.
The firm's NQs saw their salaries rise last year as well from £78,000 to £83,000, and the latest increases, which took effect on 1 May, put those announced in the last few weeks by the Magic Circle in the shade. Slaughters leapt to the top of the UK elite for NQ pay a fortnight ago after increasing pay to £70,000. But that is now £18,000 lower than the sum on offer at Shearman. The gulf is even wider at Linklaters, whose NQs are now on £68,500. Though as Inside Info reveals, Shearman is not even in the top tier, with fellow US firms like Weil Gotshal paying NQs £95,000 or more.
Clifford Chance, Freshfields and A&O are yet to announce salary increases, but there is no sign yet that any UK firms are willing to compete with the US. The result is sometimes striking. Ashurst for example has just raised salaries across the board for juniors, but its 2PQEs will still be earning £7k less than a NQ at Shearman (approximately: Ashurst employs a merit-based system, so the £81,000 it cites is a representative salary).
Shearman London managing partner Nick Buckworth said, "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.” And, while money may not be everything, the strategy might just be working: Shearman & Sterling won the RollOnFriday Firm of the Year 2015 after its staff voted themselves the most satisfied of any firm in the UK, and many cited the lunatic pay as a significant factor.
Read why US firms should spank the Magic Circle at grad rec, and let RoF know if your firm's raised salaries (or frozen them) here, or by email.
Tip Off ROF
Trainees get a hike of £6k, which equates to a 15% raise for first years and means that, fresh out of law school, they will be on £45,000. Second years will be paid £50,000.
The firm's NQs saw their salaries rise last year as well from £78,000 to £83,000, and the latest increases, which took effect on 1 May, put those announced in the last few weeks by the Magic Circle in the shade. Slaughters leapt to the top of the UK elite for NQ pay a fortnight ago after increasing pay to £70,000. But that is now £18,000 lower than the sum on offer at Shearman. The gulf is even wider at Linklaters, whose NQs are now on £68,500. Though as Inside Info reveals, Shearman is not even in the top tier, with fellow US firms like Weil Gotshal paying NQs £95,000 or more.
 |
Shearman achieving 88k per NQ yesterday |
Clifford Chance, Freshfields and A&O are yet to announce salary increases, but there is no sign yet that any UK firms are willing to compete with the US. The result is sometimes striking. Ashurst for example has just raised salaries across the board for juniors, but its 2PQEs will still be earning £7k less than a NQ at Shearman (approximately: Ashurst employs a merit-based system, so the £81,000 it cites is a representative salary).
Shearman London managing partner Nick Buckworth said, "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.” And, while money may not be everything, the strategy might just be working: Shearman & Sterling won the RollOnFriday Firm of the Year 2015 after its staff voted themselves the most satisfied of any firm in the UK, and many cited the lunatic pay as a significant factor.
Read why US firms should spank the Magic Circle at grad rec, and let RoF know if your firm's raised salaries (or frozen them) here, or by email.
Comments
35
33
38
36
36
36
35
35
35
31
Many law students wouldn't know the difference between Latham and a small provincial firm. Pretty much all would be able to list all of the MC firms, (hell even plenty of non-law students could)
43
40
32
38
38
40
30
32
37
32
42
35
36
31
39
32
40
36
39
39
Tell me who rock who sell out in the stores
You tell me who flopped who copped the blue drop
Who jewels got robbed who's mostly Goldie down
To the tube sock, the same ol pimp
Mase, you know ain't nothing change but my limp
Can't stop till I see my name on a blimp
42
36
34
38
40
37
33
33