A magic circle firm has concluded an annual salary review that will raise some salaries closer to a six-figure sum – days after lawyers across the profession reacted with derision to widely reported statistics suggesting six-figure salaries were the norm.
Trainees and associates at Slaughter and May will see their pay packets grow by up to £8,000 following this week's review.
Trainees will enjoy a £1,000 increase from last year in their pay. First year-trainees will receive £41,000; second-year trainees will receive £46,000.
Newly qualified solicitors will receive £70,000 – a £5,000 increase from last year.
Those with one year’s PQE will see their pay jump from £70,000 to £75,500. Solicitors with two years’ PQE have the biggest wage hike – from £79,000 to £87,000.
Those with three years’ PQE will - at £96,500 - earn £7,500 more than last year.
Emolument, a website that compiles salary data, last week reported that lawyers can earn up to £100,000 after five years. But legal aid lawyers and professional bodies pointed out that Emolument’s figures reflected only the high end of the commercial sector.
Law Society president Andrew Caplen said it was important to put issues of salaries in context, noting 'areas of legal specialism, location and employer all affect levels of pay’.