City pay war: Clifford Chance responds with improved £125k NQ lawyer rate - Legal Cheek (2024)

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City pay war: Clifford Chance responds with improved £125k NQ lawyer rate - Legal Cheek? ›

City pay war: Clifford Chance responds with improved £125k NQ lawyer rate. Clifford Chance has joined the magic circle pay war, upping rates for newly qualified associates to £125,000. The cash injection equates to a hefty rise of 16% or £17,500, with base rates previously set at £107,500.

Freshfields Bruckhaus Deringer and Clifford Chance were first out of the magic circle to hit £125,000, after they both boosted its NQ pay May 2022. Previously, Freshfields were paying £100,000 while Clifford Chance previous figure was £107,500.

What makes Clifford Chance lawyers different? Firstly, our collaborative and adaptable culture. We work together across borders, languages and legal systems, sharing insights and expertise to achieve our clients' commercial goals. Secondly, we are pioneers, working on many groundbreaking deals.

The term 'magic circle' was first coined by legal journalists in the late 1990s, and for the past 15 years it has consisted of a distinct group of five: A&O Shearman, Clifford Chance, Freshfields, Linklaters, and Slaughter and May.

Clifford Chance has more Band 1 rankings in Chambers Global 2024 than any other firm. The firm's 115 Band 1 rankings cover all the major areas of legal expertise. In addition, Clifford Chance is ranked Band 1 in 14 of the Global-wide sections in Chambers Global 2024, which is also more than any other firm.

The amount taken home by Clifford Chance's highest paid member, which last year soared by 35% to hit almost £5 million, dropped by 2.5% to £4.82 million.

Clifford Chance LLP

Globally, it's one of the top law firms based on revenue, with offices in other parts of the world. In Australia, it is one of the top Australian law firms for banking, capital markets, private equity, and project development.

Clifford Chance was created by the merger in 1987 of two London-based law firms – Coward Chance and Clifford-Turner. Coward Chance derived from a firm established in 1802 by Anthony Brown.

With 2,500 lawyers across more than 30 offices around the globe, Clifford Chance is a legal behemoth.

Clifford Chance's top-tier legal advice and online resources span the full spectrum. We are well known for our work in finance and the debt and equity capital markets, as well as corporate advisory and M&A work; litigation and dispute resolution; real estate; and tax, pensions and employment.

What is the most prestigious law firm in the world? ›

Attorneys responded to the most recent survey between January and March 2023, and the results of the poll rank the following as the top five most prestigious firms in the world for 2024: Cravath, Swaine & Moore. Wachtell, Lipton, Rosen & Katz. Skadden.

Global law firm Clifford Chance has once again achieved the highest number of Band 1 rankings in the Chambers Europe 2024 guide.

Our history as a firm has been anchored in innovative and diverse cultures and approaches which have both disrupted traditional attitudes and set global standards.

With $2,550,900,000 gross revenue in 2022, the firm placed 13th on the 2023 Global 200 ranking. Clifford Chance has 2547 attorneys and the firm placed 2nd on the 2023 UK 100 ranking.

Average Base Pay

The estimated total pay range for a Partner at Clifford Chance is £68K–£73K per year, which includes base salary and additional pay. The average Partner base salary at Clifford Chance is £70K per year.

Simmons & Simmons has raised its newly-qualified (NQ) lawyer pay by 2 per cent in the City and by 4 per cent in Bristol. London-based NQs are looking at a £107,000 starting salary up from the previous £105,000. Meanwhile, rates for NQs in Bristol have gone to £72,000 from £69,000.

Jones Day has increased salaries for its newly qualified (NQ) solicitors in London by 27%, taking pay from £110,000 to £140,000.

Clifford Chance has become the latest law firm to hand its junior people in London a bonus, as the cost of living soars in the U.K. The firm has handed out lump sums of £1500 to its trainees and business services professionals, taking into account the current financial environment in the U.K.