CC and A&O match New York pay-rises
Allen & Overy and Clifford Chance have raised their US associate salaries as the Manhattan pay war gathers pace.
January 26, 2007 at 06:05 AM
2 minute read
Allen & Overy (A&O) and Clifford Chance (CC) have raised their US associate salaries as the Manhattan pay war gathers pace.
The magic circle rivals have both raised salaries for first-year lawyers to the new benchmark of $160,000 (£81,000) and lifted rates across the board, with senior associates in line to pocket around $280,000 (£142,000).
CC said the firm had no plans to match the rises in the UK but with US firms including Simpson Thacher & Bartlett having already handed London associates the same deal as their US counterparts, the pressure will be on City firms to react.
CC's newly-qualified UK associates receive £55,000, meaning their US counterparts receive nearly 50% more in the fixed element of their remuneration package.
A&O newly-qualifieds currently bag £63,000 – some £18,000 less than their US equivalents.
The latest round of pay-hikes follows Simpson Thacher raising its associates' salaraies on Monday (22 January).
Other firms to have followed suit include Cleary Gottlieb Steen & Hamilton Cadwalader, Wickersham & Taft and Fried, Frank, Harris, Shriver & Jacobson – firms which traditionally match New York salaries in London.
Talkback: Will City firms be forced to respond to the pay-rises on their home turf? Click 'Comment on this article' to have your say.
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