Clifford Chance has increased its newly-qualified salary, meaning Allen & Overy Shearman is now the only one of its peer group not to hike pay to £150,000.
The £25,000 increase to £150,000 comes less than four weeks after Freshfields Bruckhaus Deringer’s decision to increase pay and 12 days after Linklaters.
The Lawyer understands that the pay rise will be introduced next month, but pay will be backdated to 1 May.
Trainee salaries will also rise in line with Freshfields and Linklaters from 1 September. First year trainees are expected to receive £56,000, with second years on £61,000.
Clifford Chance’s entire salary scale is also expected to rise, but details are still to be confirmed.
Clifford Chance had been the second to follow Freshfields’ lead back in 2022 when the firm raised NQ salaries to £125,000, but was beaten by Linklaters this time around.
It leaves the newly merged A&O Shearman as the only magic circle firm with an NQ salary of £125,000.
