Clifford Chance has unveiled modest pay increases for junior lawyers, with newly qualifieds (NQs) taking home £51,000 annually.
The increase sees Clifford Chance NQs paid an additional £1,000. At the same time, salaries for first year qualified lawyers have risen from £55,000 to £56,000.
The changes took effect on 1 May this year.
It marks the second time in two years Clifford Chance has upped salaries for its newly qualified lawyers. Last year, the firm increased pay rates for NQs to £50,000, the same rate they enjoyed before the firm introduced its salary review in April 2003. That review saw newly qualified pays drop £2,000 to £48,000.
London managing partner Peter Charlton said in a statement: “Our mix of salary increases and higher bonuses reflects the strong performance of the London office. We are confident that our total reward package remains highly competitive and will continue to attract the best young lawyers in the market.”
Of the magic circle, Linklaters now pays its newly qualified lawyers £52,000 , while Allen & Overy, Freshfields Bruckhaus Deringer and Slaughter and May all pay their newly qualified lawyers at the £50,000 benchmark.