Clifford Chance raises NQ pay by more than £2,000
Magic circle firm boosts pay by 3% for NQ associates and trainees
September 29, 2017 at 08:07 AM
2 minute read
Clifford Chance (CC) has raised pay for newly qualified (NQ) associates by just under 3%.
The most junior associates at CC are now set to receive £87,300 a year in total compensation, up from a maximum of £85,000 last year.
CC has also increased trainee remuneration by 3%, with those in their first year set to earn £44,800, up from £43,500, while those in their second year will earn £50,500, up from £49,000.
All of the pay increases are backdated to 1 May.
Last summer, the magic circle firm boosted NQ pay by £1,000 to £85,000. The salary hike included a fixed bonus, as long as NQs met their development goals.
In 2016, CC also overhauled its pay structure for those with two and three years' post-qualification experience (PQE), who are now paid a base salary and a variable bonus depending on performance.
Under the revised pay system, those with one year's PQE last year received up to £95,000 – up from £90,600 in 2015-16.
The firm declined to comment on 2017-18 pay rates for one, two and three years' PQE lawyers.
Other magic circle firms to have announced NQ pay this year include Linklaters, which increased base pay for newly qualified (NQ) lawyers by £1,000, with NQs now set to receive about £90,000 when basic salary and performance bonus are combined.
Slaughter and May opted to freeze associate salaries for 2017-18, having boosted pay in January in a one-off move outside of the firm's regular annual pay review. From 1 January, NQ pay at the firm rose by 9% to £78,000, while lawyers with one year's PQE saw the biggest rise, with a 10% hike to £87,000.
Freshfields Bruckhaus Deringer has also held associate and trainee pay bands at last year's levels.
Last year, Freshfields increased base pay for newly qualified (NQ) lawyers by 26% to £85,000, rising to £97,000 for top performers.
Allen & Overy has yet to confirm NQ pay.
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