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Clyde & Co cuts junior lawyer pay by £2,000 and confirms 90% retention

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Training contract numbers at the firm increase

Clyde & Co’s London office

Clyde & Co has cut the salaries of its junior lawyers by £2,000 in London and the regions, and confirmed an autumn retention score of 90%.

Newly qualified (NQ) associates in London will earn £68,000, down £2,000 on the previous £70,000 sum. Their counterparts in Manchester earn between £37,000 and £40,000.

Trainee solicitors at the firm will also see a reduction to pay. First years in London will earn £38,000 (down from £40,000), with second years receiving £40,000 (down from £42,000). Rookie rates have also dropped in the firm’s Manchester office, with first years earning £24,500 (down from £26,500) and £26,500 (down from £28,500) in their second year.

Clyde & Co previously deferred salary reviews and promotions in April for six months.

Commenting on the cuts, a firm spokesperson said: “We made a number of decisions in April to build up our financial resilience to the short-term challenges and volatility we faced as a result of COVID-19. This included deferring our salary review and promotions processes that typically take place between April and June, to October. As such and in line with other firms, we have made the decision to adjust the salary bands for our trainees and NQs.”

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Clyde & Co has also announced it will keep 36 out of 40 autumn 2020 qualifying trainees, with one NQ retained on a fixed-term contract. This hands the firm an autumn score of 90%, or 88%, depending on how you interpret the figures.

Twenty-nine new associates join the firm’s London office, with four in Manchester, two in Guildford and one in Newcastle.

James Major, training principal at Clyde & Co, said:

“We are delighted that such a significant proportion of our trainees will be staying with the firm. Our home-grown talent is vital to the long-term health of the firm, especially at such an uncertain time in the wider business market. We are excited that we will have such a talented group of newly qualified solicitors and look forward to supporting them to develop a career here and reach their full potential.”

Further, the firm confirmed it is now offering between 40-50 training contracts across its UK offices in London, Manchester, Newcastle and Scotland. This marks an increase on its previous offering of 35 TC spots.

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16 Comments

Incoming Clyde Trainee

Yikes.

(18)(0)

No commute heaven

You’re much safer than most. The firms that are not doing too badly are no doubt making small adjustments like this to prevent deeper cutting later. Looking 2 years or so ahead to the NQ stage these sorts of adjustments will hopefully really pay off for you. It’s better than a net couple of grand less over the tc with good retention prospects. Have any firms started to defer Sept joiners?

(9)(1)

SALTY GRAD

LOL should have gone to FBD

(1)(17)

Oof.

Oof.

(1)(0)

US Stonked Partner

68k?!?!?! I pay my butler more than that.

(4)(9)

anon

I reckon there are trainees in the City who earn more than that with bonus. And yes, some trainees at US firms do get bonuses.

(7)(13)

Query

Are we talking NQs earning more than trainees as Davis Polk is the only firm where trainees may earn close to that. Please mention these other firms.

(7)(0)

Anonymous

You should start a podcast with exclusive insight into City secrets like that.

(1)(0)

Donkey kong

Ooo 68k HoWeVeR WiLl i SuRvIvE? Give me a break, with that salary I’m sure you’ll be alright.

(11)(0)

Ga

I don’t see anyone complaining? do you?

(2)(0)

Alan

Probably a silly question, but is the differential between London and out of London salaries purely a cost of living thing; or is there a difference in work requirements? Different billable hours targets; that sort of thing?

(0)(0)

CC NQ

No difference between billable hours targets across offices at Clyde & Co.

(2)(0)

Ga

cost of living and charge out rates

(0)(0)

Kev

I’d be pretty concerned coming in as an NQ there – and sets the tone a bit for pay rises throughout the associate years. I’m sure in many Clyde’s departments you’re able to finish at 6-8 daily and its still relatively speaking a good salary – but London is expensive. Real gulf even between Clydes and SPB now.

(3)(7)

tolchok

Rofl jog on mate

(0)(2)

Anonymous

Tells you a lot about a firm’s culture that they’re cutting the pay of trainees earning £26,500 while partners rake in £650k!

(10)(12)

Comments are closed.

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