Law firm Clyde and Co has reduced the pay for newly qualified and trainee solicitors to deal with the financial strain of Covid-19 (Coronavirus).
First year trainees will start at £38,000, compared to the previous salary of £40,000, second year trainees will start at £40,000, compared to the previous salary of £42,000, while newly qualified solicitors will receive a salary of £68,000 compared to £70,000 before these pay measures were introduced.
The pay cuts will impact 40 trainee solicitors and 36 newly qualified solicitors, with 90% of those consulted about the pay changes, being retained at the business.
These new pay measures are in addition to the business deferring salary review and promotion methods for 2020, announced in April 2020.
James Major, training principal at Clyde and Co, said: “We are delighted that such a significant proportion of our trainees will be staying with the firm. Our home-grown talent is vital to the long-term health of the firm, especially at such an uncertain time in the wider business market. We are excited that we will have such a talented group of newly qualified solicitors and look forward to supporting them to develop a career here and reach their full potential.”