Shearman & Sterling has announced salary hikes for its English-qualified lawyers, increasing pay levels in the firm’s three-tier merit-based system by as much as 15%.
The salary increases, which took effect from 1 May, will see the basic pay level for junior associates – those with up to three-and-a-half post-qualification experience (PQE) – rise 7% from £73,000 to £78,000, with the maximum amount junior associates can be paid rising 14% from £95,000 to £108,000.
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