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Cleary Gottlieb Steen & Hamilton has become the latest US firm to increase salaries for its newly qualified (NQ) lawyers in the City of London.
The New York headquartered player confirmed base rates for its most junior associates will move from £140,000 to £160,000. The 14% uplift is effective from 1 January 2023.
The new six-figure sum sees the firm’s NQs draw level with their opposite numbers at fellow US outfit Davis Polk & Wardwell.
The Legal Cheek Firms Most List 2023 shows Cleary recruits around 12 trainees each year on a starting salary of £57,500. This rises to £62,500 in year two.
The move comes just days after US firm Weil, Gotshal & Manges boosted NQ rates from £160,000 to £165,000.