The revised pay structure will see the firm’s NQ lawyers paid a base salary of £85,000 per year plus a fixed bonus as long as development goals are met. This is a small step-up from the £84,000 per year maximum salary previously on offer only to those juniors who received their full discretionary bonus, but a substantial jump from the £70,000 base salary allocated to NQ lawyers last year. One-year PQE associate salaries have also been plumped up, from £90,000 to £95,000 per year providing that associates meet their development targets.

Performance bonuses

For those associates with two or three years PQE, Clifford Chance has designed a new pay structure comprising a base salary and a variable bonus based on individual performance. In line with similar changes at Slaughter & May last year, associates will be grouped into two categories: those who have made a ‘good’ contribution, and those who have made an ‘excellent’ one. Those in the lower bonus band will receive an annual average salary of £100,000 for two years PQE and £111,000 for three years, while these will rise to £119,000 and £130,000 respectively for ‘excellent’ contributors.

Sources: Legal Business; Legal Week