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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, which merged with Gouldens, the legacy UK firm that was famous for paying its trainees the highest salaries in the City, is increasing salaries of first-year trainees in its City office from 33,000 to 36,000 and second-year salaries from 37,000 to 40,000.
Newly-qualified solicitors at Jones Day do not fare so well, and although at 55,000 their pay outstrips the 50,000 on offer at most of the UKs magic circle firms, it is still considerably less than their peers receive at other US firms. At Cleary Gottlieb Steen & Hamiltons 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