US firm Weil Gotshal & Manges will today announce major salary increases for its London associates.
Many London US firms are reviewing their rates in the wake of the huge hikes in New York. But Weil Gotshal's decision stands out because the London office has traditionally billed itself as an English practice and paid only a moderate premium of about 15 per cent on magic circle rates.
A source close to the firm says: “I think people were happy with that because they regarded Weil Gotshal as a UK firm.”
It is understood the firm pays about £45,000 to newly-qualified lawyers in London but is likely to raise its rates closer to £55,000 or more.
The salary hikes come in the wake of the departure of founding partner Maurice Allen.
Mike Francies, managing partner of the London office, was not available for comment.
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