Clyde & Co has decreased its salary for newly-qualified (NQ) solicitors to £68,000, as well as lowering pay for trainees.
The new NQ package is a £2,000 drop on the £70,000 the firm previously paid. Trainees will also receive less: first-year pay is down from £40,000 to £38,000 and second-year pay is down from £42,000 to £40,000.
The firm has also published its trainee retention figures for the autumn, with 36 of 40 staying on, including one on a fixed-term contract.
Twenty-nine NQs join the London office, with four in Manchester, two in Guildford and one in Newcastle.
Thirteen join the firm’s insurance practice, six go to employment, five to marine, five to projects and two to international trade. The rest join the firm’s banking, aviation liability, litigation, property litigation and central knowledge management teams. As the graph below shows, there is no space for corporate NQs this year.
Training principal James Major said: “We are delighted that such a significant proportion of our trainees will be staying with the firm. Our home-grown talent is vital to the long-term health of the firm, especially at such an uncertain time in the wider business market. We are excited that we will have such a talented group of newly qualified solicitors and look forward to supporting them to develop a career here and reach their full potential.”