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.
Readers' comments (61)
Disgruntled | 7-Jul-2009 4:15 pm
I wonder could any of them fill in a legal aid application?
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Dianne | 7-Jul-2009 4:34 pm
Hark at the embittered city workers! Playftseforme is just stating facts. If you lot think the world of work is so unfair I am surprised you bother with it. Perhaps you don't.
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get over it people | 7-Jul-2009 4:38 pm
Disgruntled, if they couldn't fill in a legal application who would care? It has absolutely no relevance to their job.
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Perplexed | 7-Jul-2009 4:49 pm
The reason why firms like Skadden, Clearly, Latham and Weil can afford to pay NQs higher salaries in comparison to its City counterparts is partly down to the smaller intake. These firms are competing with the more established MC firms for quality trainees/associates and thus offer higher salaries as an additional benefit with which to lure the best talent.
As for the profile laid out above of the polo-playing Eton-educated upstart - none of the trainees/future trainees whom I have met seem to fit it. In fact, Weil appears to have recruited more down-to-earth and intelligent people than those I have encountered at other firms.
I don't understand why the credit crunch is suddenly causing some to focus on others' salaries. I'm sure that nobody at Weil is complaining about the freeze/cut. I don't think The Lawyer is doing anything wrong by reporting this story either. It is useful for those who may be starting with the firm soon or for those who consider a high salary to be a determining factor when applying to firms.
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Anonymous | 7-Jul-2009 4:52 pm
My heart bleeds for them. I'm 7 years qualified, have always worked in the City, and have never earned that much.
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dd | 7-Jul-2009 4:55 pm
i agree, i would take 85 grand if someone offered it to me and fair play if you earn that. plenty of sour grapes here.
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Anonymous | 7-Jul-2009 4:56 pm
I don't think playftseforme can possibly have a proper job as he seems to spend all his time on the Lawyer website commenting on articles.
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Liz | 7-Jul-2009 4:57 pm
playftseforme is simply stating the obvious: the brightest and the best who choose to work in the City will earn the most because employers want them.
What's so wrong with that?
You can be the brightest and the best, and choose not to work in the City, and that's fine too.
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Anonymous | 7-Jul-2009 4:57 pm
playftseforme - your arrogance is disgraceful - you should be ashamed of yourself - if you are lucky enough to make it at any private practice firm to get to a position where you earn a significant salary you should be grateful - I have and I am very grateful despite having worked extremely hard to get to where I am - very very few of us have made it without significant assistance from coming from a blessed background and all the advantages that brings - that doesn't mean they should apologise for that far from it but they should have humility and respect - you sir\madam need to learn that fast - what goes around in this world comes around believe me. Now as your Boss suggests run along now and do some work otherwise you may lose your privileged income and I doubt you could cope with that.
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Dave | 7-Jul-2009 5:49 pm
What Liz said. Anon 4.57pm are you for real? Grow up you pompous oaf!
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