Clifford Chance boosts salaries, raising three-year PQE pay to £93.5k

Clifford Chance has boosted its trainee and associate salaries, with three-year PQE associate wages crossing the £90,000 mark, to £93,500.

First year trainee salaries have risen by 4 per cent from £39,000 to £40,500 while Second-year trainee salaries have increased by 3.5 per cent from £44,000 to £45,500.

Newly-qualified (NQ) salaries have jumped from £63,500 to £67,500, an increase of over 6 per cent. Meanwhile, one-year PQE wages now stand at £72,500, up 4 per cent from £69,500.

Second-year PQE salaries have risen by a huge 7.5 per cent to £84,000, up from £78,200, and third-year PQEs are set to receive £93,500, up by 6.5 per cent, from £87,800.

With maximum bonuses included, it is now possible for a Clifford Chance NQ to receive £81,000 total remuneration while a one-year PQE can take home £94,250. For two-year PQE lawyers this stands at £109,200 and three-year PQEs can be paid £121,550.

The salary raises are effective from 1 May 2014.

London managing partner David Bickerton, said: “The London office has had another good year, which has seen us instructed on some of the most high-profile work in the market. These salary increases and bonus awards reflect our appreciation of the consistently high-quality work of our lawyers.”

Magic circle salaries 2014/15            
 Firm NQ 1 PQE 2 PQE 3 PQE CM2 (4 PQE)  CM3 (6 PQE)
Allen & Overy Yet to announce          
Freshfields Bruckhaus Deringer £67,500-£77,500 N/A £87,700-£100,000 N/A £107,500-£115,000 £120,000-£135,000
Linklaters £65,000 £70,500 £82,000 £93,500    
Slaughter and May £65,000 £70,000 £79,000 £89,000    
Clifford Chance £67,500 £72,500 £84,000 £93,500    
Magic circle salaries 2013/14            
Firm NQ 1 PQE 2 PQE 3 PQE  CM2 (4 PQE) CM3 (6 PQE)
Allen & Overy £64,000 £69,500 £78,500 £89,000    
Clifford Chance £63,500 £69,500 £78,200 £87,800    
Freshfields Bruckhaus Deringer £65,000-£72,500 N/A £80,000-£92,500 N/A £100,000-£107,500 £115,000
Linklaters £64,000 £69,500 £78,250 £89,000    
Slaughter and May £63,000 £69,500 £78,000 £87,500    
Magic circle salaries 2012/13            
Firm NQ 1 PQE 2 PQE 3 PQE  CM2 (4 PQE) CM3 (6 PQE)
Allen & Overy £61,500 £68,500 £74,500 £74,500    
Clifford Chance £61,500 £69,000 £76,300 £87,000    
Freshfields Bruckhaus Deringer £65,000-£72,000 N/A £80,000-£92,500   £100,000-£107,500 £115,000
Linklaters £61,500 £69,000 £76,000 £88,000    
Slaughter and May £61,500 £69,000 £76,500 £86,000