The mid-Atlantic firm internally announced the pay bands today (15 June) and has increased all other associate bands by around 17%. The newly-qualified figure has risen from £75,000, while salaries for three year-qualified lawyers have risen from £98,000 to £114,660.
The figures will jolt
Weil Gotshal corporate partner Jonathan Wood told Legal Week: “We want to make sure we are looking after our people, who are doing some pretty exciting deals, and make sure they are appropriately rewarded as well as relying just on our deal flow to attract new people.”
He added: “We wanted to put clear blue water between ourselves and our competitors and pitch this at a level which reflects the quality of people we have and those we would like to join us. However, we felt that anything above £90,000 would be too toppy for a newly-qualified lawyer.”
Earlier this year a number of leading Manhattan firms increased their salaries in the US; figures that are directly converted in London. Sullivan & Cromwell pays newly-qualified lawyers $160,000 (£81,000) while Simpson Thacher & Bartlett upped its rates to $145,000 (£73,000).
The majority of
The move comes after it emerged last month that
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