Slaughter and May associates are set to receive pay rises of up to 4.6%, with the firm confirming more modest increases for some junior lawyers.

The rises, which will take effect from 1 May, will see all of the firm's lawyers move up through the bands, with the rate for each band also increasing.

Newly qualified lawyers (NQs) will see pay rise by 2% to £71,500, while lawyers with one year's post-qualification experience (PQE) will see the biggest rise, with a 4.6% hike to £79,000.

Lawyers with two years' PQE will see their pay increase by 3.7% to £90,250.

Those with three years' PQE will see their salaries rise by 3.3% from £96,500 to £99,750.

Meanwhile, salaries for first-year trainees are increasing by 3.7% to £42,500 and for second-year trainees they will increase by 3.3% to £47,500.

Slaughters is the second magic circle firm to announce 2015-16 salaries.

Linklaters announced its associate pay in March, with increases of between 12% and 21%. However, Linklaters' rates included basic salary combined with median bonus, making them impossible to compare with the basic salary quoted by Slaughters.

NQs saw an 18% pay rise to £81,000, with top-performing lawyers able to receive up to £91,000, while lawyers with one year's PQE received the highest increase of 21%, to £90,000.

The other three magic circle firms are yet to announce their salaries for the current financial year but last year Allen & Overy hiked pay for NQs to £78,500 a year, up from £66,500.

The firm raised basic pay for junior lawyers by up to 27% but cut back on bonuses at the same time. It abolished the bottom rung of its three-tier bonus scheme so fewer associates would get a bonus in the 2015-16 financial year.

NQ lawyers at Freshfields Bruckhaus Deringer were eligible for a salary of up to £77,500, while at Clifford Chance they got £70,000 a year.