Lawyr.Org

Shearman & Sterling has announced an increase of 7 percent in London associate salaries, putting the firm's rates well ahead of those at top London firms. A newly qualified solicitor based at the firm's London office will get paid 80,000 pounds ($157,976). Shearman is the first major firm to announce salary increases this year, with a raft of U.K. and U.S. rivals set to announce theirs in coming weeks. However, few firms are expected to make major increases as advisers feel the impact of the credit crunch.