Photo: Diego M. Radzinschi/ALMAnother US Law Firm Holds London NQ Pay At 2019 Rate
The firm last raised its pay rates for newly qualified associates in October 2019, and says it has "no plans" to review the amounts this year.
June 23, 2020 at 06:43 AM
2 minute read
Cleary Gottlieb Steen & Hamilton will hold its salaries for its next set of London newly qualified (NQ) lawyers, becoming the latest U.S. firm to not partake in the traditional annual pay war.
There are currently "no plans" to review compensation at the firm, which was last increased by a hefty 11% to hit £133,000 in October 2019, according to a spokesperson for Cleary.
The spokesperson added that "trainees will qualify as normal in September on our standard newly qualified salaries."
Cleary is the latest law firm to divert from the usual competitive tactics the industry has come to expect around pay for junior lawyers.
Allen & Overy, Clifford Chance and Slaughter and May have all cut NQ pay rates this year, as firms buckle to pressures from COVID-19.
Freshfields Bruckhaus Deringer and Herbert Smith Freehills, meanwhile, have held their NQ pay at the same rates as last year, having raised to £100,000 and up to £105,000 respectively in 2019.
Earlier in June, U.S firm White & Case said it had delayed its decision over whether or not to raise NQ rates, while Linklaters announced that it has not yet confirmed its NQ salary rates for the coming year due to the "extraordinary economic circumstances created by the impact of COVID-19″.
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