The top grossing partner at City firm Fieldfisher earned more than £3m in the last financial year, the firm has confirmed. The firm said the top of its lockstep model – under which partners are remunerated according to their seniority and length of service – was paid £3.2m in the year ending 30 April while the lowest member on the lockstep received £250,000.

Overall results, reported last June, revealed that the average profit per equity partner was £750,000. Turnover at the firm also grew by 24% to £207m – the first time the £200m mark has been surpassed by the firm.

The figure for the highest earning partner puts Fieldfisher on a par with other elite firms in the City. In 2016/17, the top partner at Allen & Overy (A&O) drew £3.5m - £68,000 a week.

Meanwhile, magic circle firm Slaughter and May has become the latest firm to up its rates for junior lawyers – giving second year trainees a 4% rise. The firm said that ‘to reflect current market rates’, second year trainees will be paid £51,000, up from £49,000. First year trainees will also receive a rise from £44,000 to £45,000 (2%).

It is the second time in a year that the firm has boosted junior lawyer pay.

Pay for newly qualified (NQ) solicitors, last changed in January 2018, remains at £80,000 for an NQ, £84,000 for a 6-month-qualified lawyer and £88,000 for a lawyer with one year of post qualifying experience.

Several firms including Dentons, Dechert and Davis Polk & Wardwell have all announced increases over the last few weeks.

Fellow magic circle firm A&O also increased trainee and NQ pay earlier this month as did its magic circle rivals Freshfields and Clifford Chance. Linklaters is the only magic circle firm yet to boost trainee pay.