Clifford Chance has revealed its salaries for next year, with every level seeing boosted wages.
First year trainees will receive £42,000, up 3.7 per cent from £40,500 while second year trainees will be paid £47,300, up by 4 per cent, from £45,500. Newly-qualified (NQ) lawyers will receive £70,000, up from £67,500, a rise of 3.7 per cent.
Within associate ranks, 1 PQEs will receive £75,500, up by 4 per cent from £67,500, while 2 PQEs will be paid £88,000, up 4.8 per cent from £84,000. Three year PQEs will receive £98,500, up more than 5 per cent from £93,500.
London managing partner David Bickerton said: “We have had a very strong performance over the last year… this performance provides us with a strong platform to embark on our vision of becoming the law firm of choice for the businesses of today and tomorrow.
“I believe that only the best, most motivated team will do if we are to deliver our exciting strategy. Today’s salary increases and bonuses are recognition of the high quality of our lawyers, and the critical role they will play in the success of that strategy.”
With maximum bonuses, Clifford Chance’s offering to its junior workforce increases significantly. Top remuneration at NQ level shoots up to £84,000 while 1 PQE lawyers could be in line to receive £98,150. Maximum 2PQE pay is set at £114,400 while 3PQE remuneration tops off at £128,050.
Of the magic circle, only Allen & Overy and Freshfields Bruckhaus Deringer are yet to release their salaries. Clifford Chance’s wages compare favourably with those at Linklaters and Slaughter and May at every level, with the gap widening as PQE progresses.
- 22 May 15: Linklaters’ NQ pay falls behind Slaughter and May’s
- 20 May 15: Hogan Lovells matches Slaughters with NQ salary hike to £70,000
- 30 Apr 15: Slaughter and May boosts NQ salaries to £70,000
Magic circle salaries so far
* NB: Banded salary brackets. Lowest possible salary shown
|Firm||Trainee (year 1)||Trainee (year 2)||NQ||1 PQE||2 PQE||3 PQE|
|Allen & Overy||TBA||TBA||TBA||TBA||TBA||TBA|
|Freshfields Bruckhaus Deringer||TBA||TBA||TBA||TBA||TBA||TBA|
|Slaughter and May||£41,000||£46,000||£70,000||£75,500||£87,000||£96,500|