Slaughter and May has unveiled its new pay package for junior lawyers in the City, with the magic circle firm announcing salary increases of up to 15% as well as introducing a flat-rate bonus payment of 15% of salary.

Slaughters announced on 31 October it is hiking salaries for newly-qualified lawyers by 15%, up from £54,000 to £60,000. Associates of two years’ post-qualification experience (PQE) will be paid £73,000, an increase from £67,500.