Clifford Chance Tops A&O Trainee Pay Rate
Trainees at the Magic Circle firm will see their pay increase by 3% from September.
August 09, 2019 at 06:45 AM
2 minute read
Clifford Chance has bolstered its trainee pay rates by 3%, meaning its first- and second-year trainees will now be paid more than those at Magic Circle rival Allen & Overy.
From September, CC will pay its first-year trainees £48,000, up from £46,600, while second-years will take home £54,000, up from £52,500.
Last month, the firm said it had also retained 87% of its total trainee intake. Out of the firm's 47 trainees, all 41 who were offered positions took up a place at the firm.
Yesterday, the firm's Magic Circle peer A&O upped its trainee pay, with first-years' salaries increasing by £1,500 to £46,500 and second-years taking home £52,500, an increase of £2,500.
A&O retained 89% of its trainee intake, while fellow Magic Circle rival Freshfields Bruckhaus Deringer had a retention rate of 93%, with 38 out of a cohort of 41 opting to stay with the firm.
The trainee pay increases come on the back of a pay war for newly-qualified (NQ) associates, with Magic Circle NQs set to take home pay of about £100,000.
Firms have entered the annual scrum to raise rates, with Freshfields firing the starting pistol for the increases in May, bolstering NQ pay to £100,000. Linklaters became the last of the Magic Circle firms to match that rate last month.
Other firms to have increased pay include Hogan Lovells, where pay can now reach £117,000 for NQs. Herbert Smith Freehills stretched the total available pay for its NQ associates to £105,000 last month.
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