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.