Weil Gotshal cuts NQ salary to £85,000

Weil Gotshal & Manges’ City arm has become the latest law firm to take the axe to its newly qualified (NQ) salaries.

Weil Gotshal & Manges’ City arm has become the latest law firm to take the axe to its newly qualified (NQ) salaries.

Trainee solicitors due to qualify with the US firm in September 2009 will see their pay reduced by 5.6 per cent from £90,000 to £85,000.

Salaries for all other associates will be frozen, meaning those who qualified in September 2008 will have their pay frozen at £90,000 while March 2008 qualifiers will continue to receive £92,500. Trainee salaries were excluded from this pay review.

Lawyers with two years post qualification experience will also have their salary band frozen at between £90,000 to £98,000.

Weil Gotshal is one of the most generous employers in London in terms of salaries but its decision to reduce NQ pay will create a bigger gap between it and rival US firm Cleary Gottlieb Steen & Hamilton, which has decided to leave its NQ salary unchanged at £92,000.

Standing at £96,970, Latham & Watkins’ NQ salary is believed to be the highest in London.