Slaughter and May has opted to freeze its associate salary bands at the same rates as last year, marking the second consecutive review in which associate pay levels at the firm have remained static.

The magic circle firm is holding its pay bands at the same levels as those set out in the firm's November 2011 pay review, with the exception of associates with two years' post-qualification-experience (PQE), who will see pay increase marginally from £76,000 to £76,500.

One-year PQE associates will continue to receive £69,000, with three-year PQE pay remaining at £86,000 and four-year PQE associates continuing to receive £94,500.

Newly-qualified lawyers will receive £61,500, with first-year trainees taking home £38,000 and second-year trainees paid £43,000.

The firm cited economic conditions as the reason for the salary freeze. Associates will continue to move through the pay bands as normal.

The review, which will take effect from 1 May, comes after Slaughters' announcement earlier this month that it is abandoning its biannual salary review in favour of one yearly review.

The firm's autumn review last year saw it cut back trainee bonuses and hold associate pay static at the same rate as its May 2011 rates.

The firm, which paid its trainees a bonus of 8% of salary in November 2010, cut this to 4% for first-year trainees and 6% for second-years in autumn last year. Associates continued to receive a bonus of 8% of their salary – the same level that was paid out in 2010.

The news comes after Allen & Overy became the first of the magic circle to announce its 2012-13 rates, increasing its associate pay bands by between £500 and £1,000.