Excitement hit fever pitch this week, as Clifford Chance became the first City firm to announce proper pay rises for its UK lawyers in two years.
The firm has announced that, like Freshfields and Linklaters, its associates will once again start to move up the PQE pay bands. That in itself is a welcome change as, in 2008, CC held its lawyers back on their current pay bands. But, in addition, the pay for each band will also be increased. Woooo hooo.
So, trainees moving up to newly qualified status will see their salaries rise to £61,500, rather than last year's NQ rate of £59k. That rise that is mirrored across the board, so an associate moving from 2PQE to 3PQE this September will see a rise of £15,800. Bingo.
To be fair, CC needed to do this in order just to play catch up - even after the increases, CC's 3PQE associates earn less than their contemporaries at Linklaters and Freshfields who get an extra £500 and £1,500 respectively. But, let's not be churlish, a rise is still a rise.
David Bickerton, CC's London Managing Partner, said that the increases "demonstrate our confidence in our London business" and, with a Zen-like look in his eye and a masterful lack of clarity, added that there would also be "significant" potential for bonuses.
Tip Off ROF
The firm has announced that, like Freshfields and Linklaters, its associates will once again start to move up the PQE pay bands. That in itself is a welcome change as, in 2008, CC held its lawyers back on their current pay bands. But, in addition, the pay for each band will also be increased. Woooo hooo.
So, trainees moving up to newly qualified status will see their salaries rise to £61,500, rather than last year's NQ rate of £59k. That rise that is mirrored across the board, so an associate moving from 2PQE to 3PQE this September will see a rise of £15,800. Bingo.
| PQE | Current Salary (£) | New Salary (£) |
| 1st Seat Trainee | 37,400 | 38,000 |
| NQ | 59,000 | 61,500 |
| 1PQE | 66,600 | 68,000 |
| 2PQE | 68,700 | 72,250 |
| 3PQE | 82,200 | 84,500 |
To be fair, CC needed to do this in order just to play catch up - even after the increases, CC's 3PQE associates earn less than their contemporaries at Linklaters and Freshfields who get an extra £500 and £1,500 respectively. But, let's not be churlish, a rise is still a rise.
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He's happy, because he's got a pay rise |
David Bickerton, CC's London Managing Partner, said that the increases "demonstrate our confidence in our London business" and, with a Zen-like look in his eye and a masterful lack of clarity, added that there would also be "significant" potential for bonuses.