The five firms are still overshadowed in their own domestic market by the US law firms, some of which are paying at around £100,000 for newly-qualifed. Davis Polk & Wardwell, for instance, is paying £100,000 - not far off a third more (29 per cent) than Freshfields and Allen & Overy. Even though these UK firms are well behind the top US payers, some have decided to give substantial increases this year. Pushing up its pay to £70,000, Slaughter and May's increase was nearly eight per cent. Meanwhile Allen & Overy has upped pay for its associates, with one year qualifieds enjoying a jump of £20,000 to £92,000.
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