Lawyer Pay
Shearman Raises Pay for London Associates to $158K
Shearman & Sterling has announced it will raise annual pay for its first-year London associates to nearly $158,000, a 7 percent increase.
Senior associates will get pay hikes on a discretionary basis, Legal Week reports. Their base salaries will move to about $335,700 a year.
Shearman is the first major firm to announce U.K. pay hikes this year. Few are expected to give substantial raises to newer lawyers, the publication says.
The move comes after recent reports that Shearman & Sterling cut pay by about 10 to 15 percent for its partners in Mannheim, Germany. The cuts prompted the office to strike out on its own.
