Weil Gotshal ups NQ pay to £90k
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Weil Gotshal & Manges’ London associates now earn more than their counterparts in New York after a 20 per cent pay hike in London.
The US-headquartered firm is now offering some of the most generous pay packets in the City with newly qualifieds (NQs) now receiving £90,000, representing a 20 per cent jump from £75,000. First-year associates who qualified in September 2006 will receive an average of £95,000.
Weil Gotshal partner Marco Compagnoni said: "We want to differentiate ourselves from our competitors, particularly at the magic circle firms. We want to make sure that we're not only a go-to firm but a stay-at firm. It's not just about doing the best deals, which we think we do, but about making ourselves financially appealing."
This compares to “class of 2006” associates in New York who earn $160,000 (£81,000) since a January pay rise that saw most US firms up their base salaries for associates.
The new London pay-scale increases in bands every half-year, with second-years taking home £102,300; and third-years £114,600.
Senior associates are in line to take home £168,500 before bonus, with the salaries of associates with more than seven years’ experience being considered on an individual basis.
This puts Weil towards the top of the market in terms of US firms in London. Latham & Watkins still offers NQs the most, with £96,000, and Cleary Gottlieb Steen & Hamilton offers them £92,000.
Readers' comments (4)
Anonymous | 15-Jun-2007 3:06 pm
Expected reaction to Magic Circle
WG has been paying mid-Atlantic rates until now but this puts them up there with the top New York salaries.
It's obviously in reaction to the Magic Circle - they needed to do something if they were going to keep getting the best associates.
Afterall, If your not in private equity, £75,000 just wouldn't be a big enough differential from what the MC pay to make it worth the hassle.
Recruitment consultant
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Anonymous | 15-Jun-2007 3:44 pm
Retention bid
Salary increases are all market driven so these hikes happen for a reason. If you have to rise salaries to retain associates then that is what has to be done.
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Anonymous | 15-Jun-2007 3:58 pm
This is crazy
This is crazy. Just how sustainable can all this be? Why would any client want to get involved in helping pay for this?
How can you possibly justify putting a NQ in front of a client and charging £300 per hour?
Recruitment consultant
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Anonymous | 15-Jun-2007 4:01 pm
An expensive risk
We are at the peak of the market at the moment, but you can be sure that at some point there will be a downturn. And when there is, with salaries at this level, firms will have to start making people redundant and they will be very expensive people to pay off.
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