£1,500
Clifford Chance has become the latest City outfit to provide some of its UK employees with one-off bonuses to help with the rising cost of living.
The magic circle player is providing a one-off payment of £1,500 this month to its trainee lawyers and business service staff, Bloomberg reports. The firm declined to provide further details.
The Legal Cheek Firms Most List 2022 shows rookies earn a salary of £50,000 in year, rising to £55,000 in year two. In March, the firm increased financial support for future trainees undertaking the Legal Practice Course (LPC) by 25% to £12,500.
The one-off payment follows similar moves by the likes of Bird & Bird and Irwin Mitchell, with the former providing a payment of £1,000 to trainees and staff earning £50,000 or less, and the latter dishing out a bonus £900 in response to “the challenging external circumstances affecting the cost of living”.
Elsewhere, Legal Cheek reported last month that White & Case had increased both its LPC and GDL maintenance grants in response to the “difficulties” faced by many to meet their financial commitments.