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Freshfields Bruckhaus Deringer has ramped up trainee pay by over 6 per cent, but will not be making any changes to its salaries for newly-qualified (NQ) lawyers.
First year trainees will pick up £45,000 instead of £43,000, while second year trainees will take home £51,000. This represents a rise of 6 per cent on last year’s £48,000.
Pay will not change for NQs, meaning the firm has not budged on pay levels since 2016.
In that year, Freshfields boosted NQ pay by almost 26 per cent to £85,000, leading Freshfields to freeze trainee and NQ levels the following year. The 2017/18 pay scale remains in place for the firm’s NQs.
Elsewhere in the magic circle, Clifford Chance has also upped its trainee pay, exceeding Freshfields’ offer. Clifford Chance has increased salaries from £46,600 and £52,500 for first and second years respectively.
Unlike Freshfields, Clifford Chance has boosted NQ pay from £87,300 to £91,000. The figure includes a binary bonus, which is a discretionary reward for its lawyers.
Both firms earlier this year matched Cravath Swaine & Moore’s salary scale in their US offices, in which NQ pay would increase to $190,000, equivalent to $148,000. Linklaters and Allen & Overy followed suit.
The post Clifford Chance and Freshfields dish out trainee pay increases appeared first on The Lawyer | Legal insight, benchmarking data and jobs.
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