It’s a case of swings and roundabouts for associates at Clifford Chance.
The firm may have put 13 City lawyers into redundancy consultation in March to make way for new trainees and newly qualified lawyers, but at least those that remain are getting a bit more wedge.
Clifford Chance has announced salary increase for lawyers at the one, two and three-year post qualified experience level (PQE). Salaries for trainees and newly qualified lawyers, meanwhile, stay flat (see story). It was a similar story at Herbert Smith, which announced salary increases earlier this month.
Back at Clifford Chance, the firm has also increased maximum bonuses for associates, meaning that a three-year PQE performing at the highest level will take home £113,100, which makes them almost as poverty-stricken as your average GP.
“We expect them to work very hard, and they do,” said London managing partner David Bickerton about his associates.
The firm may want to keep a close eye on its hardest workers, mind. A court heard yesterday all about the double life of a prolific biller – former Hogan Lovells partner Christopher Grierson – as he was jailed for three years for stealing from his firm.
All work and no play…