Magic circle firm Clifford Chance today (31 March) announced a pay freeze for all lawyers and business services staff worldwide.

Around 3,800 lawyers will be affected, across the firm’s 30 global offices.

In a statement, Clifford Chance said it will hold salaries for the 2009/10 financial year at 2008/09 levels. Earlier this year, the firm announced it was also reacting to the recession by making between 70 and 80 of its London lawyers redundant.

Fellow magic circle firms Freshfields and Allen & Overy have previously announced pay freezes.

Clifford Chance managing partner David Childs said: ‘The hard work and dedication of our people are not in question. But the current unprecedented market conditions mean we need to continue to control our costs and, like all businesses, adapt to a particularly challenging year for us and for our clients.’