Clyde & Co has increased its NQ salaries in London by 14 per cent, while the firm’s lawyers will also be able to pick up higher bonuses than last year.
City NQ pay has risen from £70,000 to £80,000 after a mid-year review. While the firm has not reached the £100,000 figure offered by many other large outfits, it is higher than salaries now offered by HFW and Womble Bond Dickinson, and just below those handed out by Addleshaw Goddard (£82,000) and Mishcon de Reya (£83,000).
Trainee salaries will remain the same for now but will be reviewed in the summer.
In addition, there are changes to the bonus schemes. For those achieving the highest chargeable hours threshold, payment levels have increased to a maximum of 25 per cent.
Individuals who introduce new work will also receive a referral bonus.
Clydes decided to keep NQ rates the same last August, at a time when many other firms were rethinking. It decreased its salary for NQs to £68,000 in August 2020 as pandemic worries resulted in cuts across the industry.
| 2019/20 | 2020/21 (uprated salary following deferred salary review in Autumn 2020) | 2021/22 | 2021/22 (mid year salary review) | |
| 1st year trainee |
£40,000
|
£38,000 (£40,000) | £40,000 | £40,000 |
| 2nd year trainee |
£42,000
|
£40,000 (£42,000) | £42,000 | £42,000 |
| NQs |
£70,000
|
£68,000 (£70,000) | £70,000 | £80,000 |
