Jones Day is upping its first year trainees’ pay packets
to £36,000 to break the £35,000 benchmark set by most of its US rivals.
Jones Day merged with Gouldens, the UK firm fam-ous for paying its trainees the highest salaries in the City, in February 2003. It is increasing first year trainees’ salaries in its City office from £33,000 to £36,000 and second year salaries from £37,000 to £40,000. The move was revealed in the latest Lawyer 2B, The Lawyer’s sister title, which is out this week.
Newly qualified solicitors do not fare so well, and although their £55,000 pay outstrips the £50,000 on offer at most of the UK’s magic circle firms, it is still considerably less than their peers receive at other US firms. At Cleary Gottlieb Steen & Hamilton’s London office, for example, newly qualified lawyers earn a staggering £74,000, while at Cadwalader Wickersham & Taft the figure is £65,000.
|City pay for first year, second year and newly qualified lawyers at US firms|
|Firm name||First year salary after increase (if any) £K||Second year salary after increase (if any) £K||Newly qualified salary after increase (if any) £K|
|Cadwalader Wickersham & Taft||30.0||33.6||65.0|
|Cleary Gottlieb Steen & Hamilton||35.0||40.0||74.0|
|Shearman & Sterling||35.0||37.0||55.0|
|Weil Gotshal & Manges||35.0 (rising by £1,250 each seat)||N/A||60.0|
|White & Case||33.0||36.0||60.0|
|Source: Lawyer 2B|