With £7,300 a month to spend, Shearman NQs can now afford 12 loveable companions a year.
Shearman & Sterling has raised the salaries of its newly-qualified solicitors to £145,000, RollOnFriday can reveal.
The US firm had already raised NQ pay from £120,000 to £135,000 in April this year, but since then it had been leapfrogged by the likes of Latham & Watkins, Akin Gump, Simpson Thacher, Kirkland & Ellis and a number of other US firms in London. Last week ROF revealed that Weil had decided to increase its NQ pay to £145k as well, from £133,000.
But now Shearman has matched its competitors, and the knock-on effect has benefitted its more qualified solicitors.
Pay for Shearman & Sterling 1PQEs has increased by ten grand to £155,000, 3PQEs will now be on a huge £195,000 instead of a huge £170,000, and 6PQEs will be paid £250,000.
Shearman & Sterling has one of the happiest workforces in UK law, placing joint second in the RollOnFriday Firm of the Year 2021 Survey, in which lawyers rate their satisfaction with their firms. A juicy autumn pay bump should help secure its status as a competitive destination in a superheated market for trainees and laterals.
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