Clifford Chance raises NQ pay by more than £2,000

Clifford Chance (CC) has raised pay for newly qualified (NQ) associates by just under 3%.

Law Firms Mentioned

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Clifford Chance
Freshfields Bruckhaus Deringer
Slaughter May

/uploads/sites/378/2016/09/Clifford-Chance-Article-201609150750.jpg"><img class="alignleft size-full wp-image-56698" src="http://www.almcms.com/contrib

Clifford Chance
Freshfields Bruckhaus Deringer
Slaughter May

/uploads/sites/378/2016/09/Clifford-Chance-Article-201609150750.jpg" alt="" width="616" height="372" /></a>   Clifford Chance (CC)��has raised pay for newly qualified (NQ) associates by just under 3%. The most junior associates at CC are now set to receive ��87,300 a year in total compensation,��up from a maximum of ��85,000 last year. CC has also increased trainee remuneration by 3%, with those in their first year set to earn ��44,800, up from ��43,500, while those in their second year will earn ��50,500, up from ��49,000. All of the pay increases are backdated to 1 May. Last summer, the magic circle firm <a href="http://www.legalweek.com/sites/annaward/2016/06/01/clifford-chance-raises-maximum-nq-lawyer-pay-by-1000-as-it-overhauls-system/">boosted NQ pay by ��1,000</a> to ��85,000. The salary hike included a fixed bonus, as long as NQs met their development goals. In 2016, CC also��overhauled its pay structure for those with two and three years�� post-qualification experience (PQE), who are��now paid a base salary and a variable bonus depending on performance. Under the revised pay system, those with one year��s PQE last year received up to ��95,000 �� up from ��90,600 in 2015-16. The firm declined to comment on 2017-18 pay rates for one, two and three years' PQE lawyers. Other magic circle firms to have announced NQ pay this year include <a href="http://www.legalweek.com/sites/legalweek/2017/06/12/linklaters-boosts-base-pay-for-newly-qualified-lawyers-by-1000/">Linklaters, which increased base pay for��newly qualified (NQ) lawyers by ��1,000</a>, with NQs now set to receive about ��90,000 when basic salary and performance bonus are combined. Slaughter and May <a href="http://www.legalweek.com/sites/legalweek/2017/06/09/slaughters-holds-london-associate-pay-at-current-levels-after-january-increases/">opted to freeze associate salaries��for 2017-18</a>, having boosted pay in January in a one-off move outside of the firm��s regular annual pay review. From 1 January, NQ pay at the firm rose by 9% to ��78,000, while lawyers with one year��s PQE saw the biggest rise, with a 10% hike to ��87,000. Freshfields Bruckhaus Deringer has also <a href="http://www.legalweek.com/sites/legalweek/2017/08/24/freshfields-freezes-associate-pay-at-last-years-levels-after-challenging-2016-17/">held��associate and trainee pay bands</a> at last year��s levels. Last year, Freshfields��<a href="http://www.legalweek.com/sites/rosewalker/2016/05/06/freshfields-hikes-newly-qualified-lawyer-pay-by-26-alongside-flexible-working-measures/">increased��base pay��for newly qualified (NQ) lawyers by 26% to ��85,000</a>, rising to��97,000 for top performers. Allen & Overy has yet to confirm NQ pay. <

Clifford Chance
Freshfields Bruckhaus Deringer
Slaughter May

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