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.