The pay package equates to what the antitrust rainmaker earned at Clifford Chance last year. Newborn was due to have his additional points cut from 200 to 150 this uear.
Based on The Lawyer 100 figures for 2002-03, this would have meant a drop in income from £1.5m to £1.1m.
Newborn was just one of two Clifford Chance high-billers in the US who was remunerated above the top of lockstep, which at Clifford Chance is 100 points. Antitrust star Kevin Arquit, who left for Simpson Thacher & Bartlett late last year, was the other 200-point man.
Clifford Chance has been conducting a review of its compensation, and last week’s results showed that the majority of the partners felt that US rainmakers should continue to receive extra points.
Newborn declined to comment on his remuneration, but said that of a number of law firms that had approached him, Weil Gotshal’s offer was not the highest.
He added: “I’ve gone from one elite firm to another elite firm.”