Clifford Chance is the latest Magic Circle firm to have announced its new salaries. And the (not especially) good news is that there will be (small) increases for (some) of its lawyers.
RollOnFriday readers will remember that Slaughter and May was first to the pay party a few weeks ago, announcing rises which would just about cover the cost of an extra strong latte. But then Freshfields stuck its oar in too, racing to the top of the Magic Circle salary pile by the odd thousand pounds here and there.
No self-respecting member of the top five can risk being left in the shadows, and so Clifford Chance has announced its own - modest - pay rises. More interestingly, the firm has also released details of the maximum potential bonus its junior associates can expect for 2011. If achieved, the bonus can make a significant difference - but the criteria for such achievement are shrouded in mystery. But whether high-achieving associates will have time to even think about how to spend it is another matter entirely.
Managing partner David Bickerton said "our associates deserve to be well rewarded", as he rewarded himself with another leg of roast swan.
Taking into account the salary band freezes at Allen & Overy and Linklaters here's a handy cut-out-and-keep guide to those Magic Circle wages in full.
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RollOnFriday readers will remember that Slaughter and May was first to the pay party a few weeks ago, announcing rises which would just about cover the cost of an extra strong latte. But then Freshfields stuck its oar in too, racing to the top of the Magic Circle salary pile by the odd thousand pounds here and there.
No self-respecting member of the top five can risk being left in the shadows, and so Clifford Chance has announced its own - modest - pay rises. More interestingly, the firm has also released details of the maximum potential bonus its junior associates can expect for 2011. If achieved, the bonus can make a significant difference - but the criteria for such achievement are shrouded in mystery. But whether high-achieving associates will have time to even think about how to spend it is another matter entirely.
| Old pay |
New pay |
New pay inc max bonus |
|
|---|---|---|---|
| NQ |
£61.5k |
£61.5k |
£73.8k |
| 1PQE |
£68k |
£68.5k |
£89k |
| 2PQE |
£72.3k |
£75.0k |
£97.5k |
| 3PQE |
£84.5k |
£85.5k |
£111.1k |
Managing partner David Bickerton said "our associates deserve to be well rewarded", as he rewarded himself with another leg of roast swan.
Taking into account the salary band freezes at Allen & Overy and Linklaters here's a handy cut-out-and-keep guide to those Magic Circle wages in full.
| NQ |
1PQE |
2PQE |
3PQE |
|
|---|---|---|---|---|
| Allen & Overy |
£61k |
£68k |
£74k |
£85k |
| Clifford Chance |
£61.5k |
£68k |
£75k |
£85.5k |
| Freshfields | £61.5k |
£69.5k |
£77k |
£88k |
| Linklaters |
£61.5k |
£68k |
£73k |
£85k |
| Slaughter and May |
£61.5k |
£69k |
£76k |
£86k |