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City calls: Clifford Chance looks to trade Canary Wharf for the Square Mile

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US law firm Quinn Emanuel Urquhart & Sullivan has hiked the salaries of its newly qualified (NQ) London lawyers to £180,000, the firm said today. 
The US firm's decision to hike its pay for newly qualified London lawyers now makes it one of the highest paying firms in the City.

Magic circle law firm Clifford Chance is looking to give up its tenancy in Canary Wharf and return to the heart of Canada after a decade.

British property development investment fund Great Portland Estates (GPE) has confirmed that it is in talks with the firm for a pre-letting of one of its largest office developments, 2 Aldermanbury Square.

GPE has splashed out nearly £270m on the new development as of March, having initially bought the site for £93m 12 years ago.

The London-headquartered fund is expecting to pull in around £24m in annual rent from the site.

Brokerage Goodbody has given the development an estimated value of £480m,

The 13-storey building began construction in May of this year amid the demolition of City Place House, which is expected to be completed by the end of the month.

Clifford Chance is currently based in the 32-story 10 Upper Bank Street office building, where it has been based since 2003.

The law firm’s lease is due to end in 2028, which has prompted the hunt for a new hub.