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Clifford Chance has become the latest Magic Circle firm to announce associate salary increases, including pay rises for lawyers with more than a year's post-qualification experience (PQE).
The increases, which took effect May 1, will apply to Clifford Chance associates with one, two and three years' PQE.
Lawyers with one year's PQE will see their salaries increase to £69,000, up from last year's figure of £68,500.
Those with two years' PQE will now take home £76,300 -- up £1,300 from £75,000 -- while those with three years' PQE will receive £87,000, an increase of £1,500 on last year's figure.
Meanwhile, trainee pay has been held at last year's levels, with first- and second-year trainees receiving £38,000 and £43,000 respectively, while newly qualified lawyers will continue to receive £61,500.
The firm will also pay out bonuses this year, with newly qualified lawyers eligible to receive up to £73,800, with total remuneration for 1-3 PQE associates ranging from £89,700 to as much as £113,100.
Clifford Chance London managing partner David Bickerton said: "Perhaps surprisingly given the uncertain economic environment, the London office has had a good year and our practice has grown. We have been involved in many of the most interesting cases and transactions this year and, again, have been more highly ranked than any other firm."
He continued: "These salary increases and bonus awards reflect our gratitude for the contribution and effort made by our lawyers. We expect them to work very hard, and they do."
Magic Circle pay comparison:
Clifford Chance
Trainees (seat 1) - £38,000
NQ - £61,500
1PQE - £69,000
2PQE - £76,300
3PQE - £87,000
Linklaters
Trainees (seat 1) - £39,000
NQ - £61,500
1PQE - £69,000
2PQE - £76,000
3PQE - £88,000
Slaughter and May
Trainees (seat 1) - £38,000
NQ - £61,500
1PQE - £69,000
2PQE - £76,500
3PQE - £86,000
Allen & Overy
Trainees (seat 1) - £38,000
NQ - £61,500
1PQE - £68,500
2PQE - £74,500
3PQE - £86,000
Freshfields Bruckhaus Deringer (new merit-based "milestone" system)
Trainees (seat 1) - £39,000
Foundation level (NQ to 1PQE) - £65,000 - £72,500
Level one (2PQE to 4PQE) - £80,000 - £92,500
Level two (4PQE+) - £100,000 - £107,500
Level three (6PQE+) - £115,000 and upwards
