Jones Day newbies receive pay increase

Jones Day is upping its first year trainees’ pay packets
to £36,000 to break the £35,000 benchmark set by most of its US rivals.

Jones Day merged with Gouldens, the UK firm fam-ous for paying its trainees the highest salaries in the City, in February 2003. It is increasing first year trainees’ salaries in its City office from £33,000 to £36,000 and second year salaries from £37,000 to £40,000. The move was revealed in the latest Lawyer 2B, The Lawyer’s sister title, which is out this week.

Newly qualified solicitors do not fare so well, and although their £55,000 pay outstrips the £50,000 on offer at most of the UK’s magic circle firms, it is still considerably less than their peers receive at other US firms. At Cleary Gottlieb Steen & Hamilton’s London office, for example, newly qualified lawyers earn a staggering £74,000, while at Cadwalader Wickersham & Taft the figure is £65,000.

City pay for first year, second year and newly qualified lawyers at US firms
Firm name First year salary after increase (if any) £K Second year salary after increase (if any) £K Newly qualified salary after increase (if any) £K
Cadwalader Wickersham & Taft 30.0 33.6 65.0
Cleary Gottlieb Steen & Hamilton 35.0 40.0 74.0
Jones Day 36.0 40.0 55.0
Shearman & Sterling 35.0 37.0 55.0
Weil Gotshal & Manges 35.0 (rising by £1,250 each seat) N/A 60.0
White & Case 33.0 36.0 60.0
Source: Lawyer 2B