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Clifford Chance has followed the lead of the other magic circle firms by raising salaries for newly qualified lawyers to £55,000.
Clifford Chance is the last of the magic circle firms to announce its salary increase for the 2006-07 year.
Newly qualified lawyers salaries have risen from £51,000 to £55,00, an increase of almost eight per cent.
In addition, the firm is in the process of determining individual bonus awards (of up to 40%) as part of its total reward package for lawyers.
London managing partner, Jeremy Sandelson said in a statement: “I believe that these salary changes put us in a very competitive position. On a total reward basis our top performers will be among the best paid in the market.”
Linklaters now has the highest starting salary for lawyers at £55,100, as first revealed on www.thelawyer.com (29 April).
Freshfields and Clifford Chance are on par with each other while A&O has the lowest salaries for newly qualified lawyers at £52,000.