The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance ups salaries to match rivals" />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.