Shearman & Sterling increases English-qualified associate pay by 6.4%
Shearman & Sterling has increased the rate it pays its English-qualified associates by up to 6.4%, following a 20% growth in revenue at the firm's London office in 2013.
May 13, 2014 at 09:03 AM
2 minute read
Shearman & Sterling has increased the rate it pays its English-qualified associates by up to 6.4%, following a 20% growth in revenue at the firm's London office in 2013.
The increases, which came into effect on 1 May, see basic junior associate salaries rise 6.4% from £78,000 to £83,000.
At the top end of the junior bracket, lawyers with up to three-and-a-half years post-qualification experience (PQE) can now earn £114,000, a 5.5% increase on last year's £108,000.
Meanwhile, mid-level associates – those with between three-and-a-half and six years' PQE – will now earn between £115,000 and £145,000, also a 5.5% increase on the previous pay bracket. Senior associates with 6.5 year's PQE or more can expect to earn £146,000 and above.
Shearman said the changes apply to the firm's English-qualified lawyers, and any lawyers training for English qualification in the firm's London Abu Dhabi office.
"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," said London managing partner Nick Buckworth (pictured).
The pay changes also place the firm between mid-Atlantic and New York rates.
Of the highest-paying UK firms, Linklaters recently announced associate salary rises of up to 5%, with three years PQE lawyers now receiving up to £93,500. The increase makes Linklaters the highest paying magic circle firm, although Clifford Chance and Freshfields Bruckhaus Deringer have yet to announce 2014/15 rates.
At the top end, several US-grown firms in London – including Bingham McCutchen, Davis Polk & Wardwell, and Latham & Watkins – pay newly qualified lawyers £100,000.
Shearman's pay increases follow a strong year for the US firm's City base, with revenue rising for a fourth straight year to a record $134.8m (£80.9m), against a lawyer headcount rise of 7%.
During the same period, global revenues increased 9.1% to $820.5m (£492.1m), with profit per equity partner (PEP) and revenue per lawyer up 18.4% to $1.8m (£1.01m) and 13.4% to $1.01m (£606,000) respectively.
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