Herbert Smith announced its associate salaries for the year ahead, with increases at a number of levels after the firm froze pay bands in 2011.
The firm has made £500 increases at the newly qualified (NQ), one-year and four-year post-qualification-experience (PQE) levels. NQs will now receive £61,500, with one-year and four-year PQE lawyers now set to take home £68,500 and £94,000 respectively.
Meanwhile, two-year PQE salaries will increase by £2,000 to reach £75,000 after remaining static for the last three consecutive years. Three-year PQE lawyers will see a salary rise of £1,000 taking pay to £86,000.
First- and second-year trainee pay has remained at the same level as last year with each group receiving £38,000 and £43,000 respectively. The firm's associates see their pay increase every six months.
The news comes after Herbert Smith froze associate salaries last year. All associates will continue to progress through the bands as normal, which will come into effect from June 1, 2012.
The salaries are broadly in line with Magic Circle rates announced for 2012-13, with Allen & Overy increasing its associate pay bands by between £500 and £1,000, while Slaughter and May has held pay at last year's levels, with the exception of two-year PQE associates who have received a £500 increase.
Herbert Smith pays associates according to their PQE level up until 4 1/2 years PQE. Bonuses will be paid out as normal at the firm in July this year.
Herbert Smith associate pay levels in full:
First-year trainee: £38,000
Second-year trainee: £43,000
0.5 PQE: £61,500
1 PQE: £68,500
1.5 PQE: £71,500
2 PQE: £75,000
2.5 PQE: £78,000
3 PQE: £86,000
3.5 PQE: £89,000
4 PQE: £94,000
4.5 PQE: £96,000