Training contract numbers at the firm increase
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.”
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.