US/UK firm Dechert has introduced a salary structure that will see newly-qualified lawyers in its financial services group paid a starting salary of £66,000 a year. Newly-qualified lawyers in other practice areas will receive £56,000. Dechert has also increased its trainee salaries to £32,000 for first-years and £37,000 for second-years. These figures will be raised again in 2007 to £35,000 and £40,000 respectively. US lawyers in the London office will be paid at New York rates. London managing partner Steven Fogel said: 'The firm has performed strongly - gross revenue increased 31% in 2005 to $577 million (£314 million). Our new salary structure reflects the calibre of our clients and lawyers and the work we are doing.'