Recently reported by Law.com, esteemed firm Shearman & Sterling’s newly qualified (NQ) lawyers will experience a pay reduction of £20,000 later this year. This significant change is in line with the firm’s impending merge with Allen & Overy and their decision to adopt the latter’s existing compensation structure. The two firms are scheduled for consolidation in the coming month.
Currently, Shearman NQs based in London receive annual compensation of £145,000. However, as of this September, this figure will be reduced to £125,000 in accordance with Allen & Overy’s remuneration structure. This development occurs in the context of the forthcoming establishment of “A&O Shearman”, a significant player in the legal field.
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