Follows moves made by Slaughters and A&O
Clifford Chance is the latest magic circle firm to cut the salaries of its newly-qualified (NQ) solicitors as the unravelling of last summer’s City pay war continues.
Solicitors qualifying in September 2020 will receive a total pay package of up to £94,500 with bonus, approximately £5,500 less than last year’s six-figure sum. CC previously bumped NQ pay from £91,000 to £100,000, comprised of salary and bonus, following the 2019 summer City pay war. The firm does not report its NQ base salary.
CC also confirmed that trainee solicitor pay remains unaffected — £48,000 in year one, rising to £54,000 in year two.
Today’s news comes less than 24 hours after we reported that fellow magic circle player Allen & Overy has reduced NQ pay from a minimum of £100,000, comprised of salary and sign-on bonus, to £90,000. Meanwhile, Slaughter and May confirmed a month ago that its NQs will earn £87,000, a reduction on the £92,000 base salary.
Last summer saw all five elite firms boost annual NQ salaries to at least £100,000 in competition with the London offices of US law firms.