Clifford Chance ups salaries to match rivals
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Clifford Chance has raised its London newly qualified solicitor (NQ) salaries by almost 5 per cent to £66,600 per annum from £63,500, outstripping NQ salary increases at magic circle rivals Freshfields Bruckhaus Deringer and Linklaters.
The salary increases of 4 to 4.88 per cent take effect up to the three-and-a-half year post qualification experience (PQE) level.
The one year PQE salary at Clifford Chance will increase from £66,000 to £68,700.
Two year PQE associates are on £82,200 up from £79,000.
Three year PQE associates have seen a hike to £89,500 from £86,000.
Three-and-a-half year PQE salaries will increase to £92,600 from £89,000.
Trainees have seen similar raises, with first year trainees now on £37,400 from £35,700 and second year trainees now earning £42,200.
Across the board this translates to an increase of around 4 per cent.
It is understood that senior associates with higher PQE will see increases of roughly 2 per cent only.
The salary increase sees Clifford Chance NQs draw level with Linklaters, which upped its NQ salaries by 3.9 per cent to £66,600 (as reported on TheLawyer.com 30 April).
The Clifford Chance NQ increases are also around double the NQ salary increases at Freshfields this year (as reported on www.thelawyer.com 6 May). Freshfields NQs will earn £66,000, which is marginally less than their Clifford Chance counterparts after an increase in salaries of only 1.5 per cent up from £65,000.
However, Freshfields' and Linklaters' one year PQE associates receive £73,000 and £70,400 respectively, both of which is more than their Clifford Chance colleagues who are on £68,700.
At the two year level too, Freshfields and Linklaters associates take home more: £86,000 and £82,600 respectively, compared to Clifford Chance's equivalent £82,200.
At the three year level Freshfields and Linklaters associates now receive £92,000 and £90,800 respectively, compared to £89,500 at Clifford Chance.
Clifford Chance associates are eligible for a bonus of up to 40 per cent.
Readers' comments (1)
Anonymous | 8-May-2008 4:04 pm
Load of rubbish
The pay increases for NQs at CC beat Freshfields by £600, but the increases for 1 PQE to 3 PQe are significantly behind Freshfields meaning that a 1 PQE is £4,300 worse off at CC and a 3 PQE is £2,500 worse off at CC. Looks like the credit crunch is hitting CC harder than its Fleet Street rival...
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