Follows Freshfields and Linklaters
Clifford Chance has become the latest Magic Circle law firm to increase the salaries of its most junior lawyers to £150,000.
This move, equivalent to an additional £25,000 or 20%, follows hot on the heels of identical increases by Freshfields and Linklaters.
Clifford Chance confirmed the increase to newly qualified pay is effective of 1 May.
The firm, which recruits around 110 trainees each year, the highest intake of any City outfit, has also boosted the salaries of its rookie lawyers.
From 1 September, trainee pay moves from £50,000 to £56,000 in year one and £55,000 to £61,000 in year two. These also match the rises dished out by Freshfields and Linklaters.
The Legal Cheek Firms Most List 2024 shows that A&O Shearman and Slaughter and May are the only remaining two members of the Magic Circle not to increase the salaries of its junior lawyers. They both currently offer an NQ salary of £125,000.