Young newly-qualified lawyers at some top commercial law firms are now enjoying starting salaries of nearly £100,000 as a result of a boom in profits, according to a survey by Legal Business magazine.

The research found that fledgling lawyers, usually aged 25, are being paid 14% more on average than last year, while partners in the top five firms are enjoying earnings of more than £1m a year.

It found that young lawyers employed by the US law firms based in London command the highest salaries.

However, even in the UK commercial firms, young lawyers can still expect a starting salary averaging £62,000 and often as much as £70,000. At the bottom end they will receive more than £50,000.