With take-home pay of around £75k after tax, six Clifford Chance NQs could club together to own this home outright, with some money left over for a front door and windows.
In the latest round of the City pay war, Clifford Chance has boosted NQ base pay to £125k.
Clifford Chance's NQs were previously on a base salary of £107,500, but the firm will raise the figure to £125,000. The rise will take effect from this month.
CC's uplift mirrors the recent hike by Freshfields. The rest of the Magic Circle pay their NQs £107,500, excepting Slaughter and May (£115,000), although surely the others will now follow suit rather than allow bragging rights to their competitors.
The rise still puts Clifford Chance beneath the highest paying US firms in the City, such as Gibson Dunn, Goodwin Proctor, Fried Frank and Davis Polk which spray their NQs with a base salary of £160k+. Kirkland & Ellis and several more US firms are understood to pay in the same region.
In other salary news, Mishcon de Reya has recently announced it is raising its NQ base pay from £83,000 to £90,000, effective from 1 July.
The rise puts Mishcon's NQs on a par with Stephenson Harwood and Ince, and a smidge above firms such as Bird & Bird (£88k). In the bracket above, the likes of CMS, BCLP and Norton Rose Fulbright all pay their NQs a base salary of £95k.
“We keep compensation under constant review at Mishcon de Reya," said a spokeswoman for the firm, "and, in this particularly buoyant market, want to ensure that we do all that we can to attract the best talent and to reward our people for their continued contribution to our firm.”