Masons has slashed its pay benchmark for junior lawyers by nearly 10% – becoming the first top 50 UK firm to seriously reverse the “unsustainable” pay hikes of 2000 and 2001.

The shake-up of the national firm’s pay structure, which is expected to save about £200,000 a year, will see newly-qualified pay cut from £47,000 to £43,000 from next month.