CC gets tough on Hong Kong pay

Clifford Chance is slashing its newly-qualifieds’ salaries in Hong Kong and freezing other lawyer salaries in the office.
The Lawyer has learned that the magic circle firm is cutting pay for newly-qualified assistants from the standard rate of just under HK$67,000 (£5,250) per month to HK$58,000 (£4,550) per month. It is understood that all the other major players in the Hong Kong market have cut their newly-qualifieds’ salaries to HK$63,000 (£4,950) per month.
A Clifford Chance spokesperson confirmed the paycuts and blamed the move on the global slump and the fourth successive year of deflation in Hong Kong. She also confirmed that the firm will not be increasing other lawyers’ salaries in the region.
In April, Clifford Chance rocked the London legal market by cutting newly-qualifieds’ salaries in London from £50,000 per year to £48,000. It also announced a number of redundancies in its London office.
Last month, Hong Kong’s largest firm announced measures to cull its headcount and employees’ salaries with immediate effect.
However, the firm refused to confirm the numbers affected.