A&O confirms cuts to NQ pay

Allen & Overy (A&O) has emerged as the final magic circle firm to announce it will be slashing its newly qualified (NQ) salaries by more than seven per cent.

Allen & Overy (A&O) has emerged as the final magic circle firm to announce it will be slashing its newly qualified (NQ) salaries by more than seven per cent.

Trainees qualifying with the firm in September 2009 will now receive a salary of £60,000, down from £65,000 in the previous year.

Freshfields Bruckhaus Deringer was the first magic circle firm to announce it would be reversing its associate salary bands with (NQ) salaries dropping from £66,000 to £59,000.

Similarly, Clifford Chance and Linklaters have also slammed the brakes on salary hikes. NQ pay at Linklaters has been slashed by 7.6 per cent from £66,600 to £61,500. September qualifers at Clifford Chance, meanwhile, will now be paid 11 per cent less, taking home £59,000 rather than the £66,000 they were paid the previous year.