Clifford Chance, which just announced layoffs of 24 New York associates, has announced an associate pay freeze, with the firm keeping fee earner and business services salaries at 2008 levels.
The firm has implemented the pay freeze globally.
Associates with one year post-qualification experience will continue to earn £68,700 ($98,500), while second-year PQE and third-year PQE associates will earn £82,000 ($117,600) and £89,500 ($128,400).
Clifford Chance’s March qualifiers will continue to receive the 2008 newly-qualified salary of £66,600 ($95,500), but September’s intake will be paid £59,000 pounds ($84,600), an 11% cut.
Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.
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