Two more of the Magic Circle firms have raised their pay packages for newly qualified solicitors to £100,000.
Clifford Chance was first to match Freshfields Bruckhaus Deringer, which was the first among the Magic Circle firms to breach the pay mark way with a raise last month. Clifford Chance raised its NQ pay from £91,000 to £100,000 in the middle of June, but it should be noted that the package includes bonuses.
Last week, Slaughter and May also came out with an NQ pay raise, significantly boosting its package from £83,000. Like Clifford Chance, the package also includes bonuses. Freshfield’s new £100,000 NQ pay package is all basic salary, with bonuses paid on top.
“In accordance with our policy of keeping our associate remuneration competitive in the market, we have decided to increase our newly qualified associates’ remuneration (salary and bonus) to a minimum of £100,000. We continue to value and recognise everyone’s contribution by rewarding our associates in a way that reflects the partnership’s flat lockstep structure and by not imposing billing or time recording targets,” Slaughter and May said.
Eyes have turned to Allen & Overy and Linklaters, the two left in the group that have not raised NQ packages, which are still the same from the last increase last year to £83,000.