As most U.K. firms approach the end of their current financial years on April 30, the Magic Circle has started to reveal new pay levels for London associates for the coming year. First up are Allen & Overy and Clifford Chance, which have both unveiled significant rises in their junior attorneys’ pay.
Clifford Chance has increased its pay for newly qualified lawyers by �8,000 to �63,500 ($127,000). It has raised salaries for lawyers with one year post-qualification experience to �66,000 ($132,000), up �6,000 from last year. Associates who have been qualified for 3 1/2 years have seen their pay jump from �81,000 ($161,000) to �89,000 ($177,000). The firm’s bonus scheme takes account of billable hours (an associate has to work 95 percent of the 1,700-hour annual target to qualify); softer elements such as training, recruitment and business development; and finally, the associate’s overall skills as a lawyer.
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