US firm smashes £100k pay barrier for City NQs - APRIL FOOL!
US private equity law firm Bankes & Weschler has become the first firm in the City to offer newly qualified solicitors (NQs) salaries of more than £100,000.
The Chicago-based firm is attempting to boost its UK profile with the market-leading package of £103,500 for NQs - well clear of nearest rival Latham & Watkins, which pays £96,970.
Firm chairman and name partner Robin D. Bankes said: “If you want to hire the best, you have to pay the best.”
Bankes shrugged off concerns about a global economic slump in the wake of the credit crunch, arguing that the high-paying strategy will pay dividends in the longer term.
He added: “Recruitment is a long-term game and I believe it’s crucial that we don’t put partner profit ahead of future prosperity.”
Bankes hopes the move will help it lure associate talent away from rival City and US firms to grow its 11-lawyer London base.
The firm hopes to recruit heavily at the junior end of the market over the next 12 months.
After Bankes & Weschler and Latham & Watkins, US rival Debevoise & Plimpton is the third highest-paying law firm for NQs in London, paying £94,000, followed by Manhattan’s Cleary Gotlieb Steen & Hamilton, which pays £92,000.
Magic Circle firms, by contrast, pay NQs circa £65,000.
APRIL FOOL!
Readers' comments (7)
Anonymous | 1-Apr-2008 11:49 am
NQ salaries
A salary war in a recession sounds ridiculous to me.
Unsuitable or offensive? Report this comment
Anonymous | 1-Apr-2008 11:53 am
How will UK firms react?
Will we see the top UK firms raise their salaries in the coming year or two?
Or play it cool?
Unsuitable or offensive? Report this comment
Anonymous | 1-Apr-2008 1:23 pm
How will law firms react?
Bankes are a top firm and it's nice to see them make a splash in London.
I've known Robin for many years ever since he was a trainee at US Firm Dewey Cheatem and Howe. Bankes are notable for having recently promoted a female corporate partner, Amanda Hugankiss, unlike a lot of UK firms this year.
Unsuitable or offensive? Report this comment
Anonymous | 1-Apr-2008 2:12 pm
Anonymous
Great news for NQs at Bankes. I've been working for them as a paralegal for a few years and have just secured a training contract with them for 2009.
Roll on £100k!
Unsuitable or offensive? Report this comment
Anonymous | 1-Apr-2008 3:48 pm
What a joke
Bankes & Weschler? who?......happy april fools
Unsuitable or offensive? Report this comment
Rich Robinson | 1-Apr-2008 5:07 pm
OMG
Robin D Bankes will have to have a word this festive season to the training principle Chris Mustree to see how much the NQs bonus will be!
Unsuitable or offensive? Report this comment
Anonymous | 1-Apr-2008 5:11 pm
Seriously...
They don't even have a website. Nice joke.
Unsuitable or offensive? Report this comment