All three have remained in line with the mid-Atlantic newly-qualified rates set by White & Case (£76,000) and Shearman & Sterling (£75,000) earlier this year.
LeBoeuf has set its starting rate at £75,000, with Hogan increasing its pay by 11% from £63,000 to £70,000.
O’Melveny, meanwhile, has set its newly-qualified salaries around 20% higher than the magic circle rate of around £64,000 to about £80,000, up from £70,000. The figure places it above both White & Case and Shearman but well short of Weil Gotshal’s rise to £90,000 (see full story, page 10).
O’Melveny has also overhauled its pay structure for
Paul Loynes, the O’Melveny partner in charge of deciding
The decision by the firms to not react to the Weil Gotshal rises means
Some firms, such as Skadden Arps Slate Meagher & Flom, are paying rates benchmarked to
Others are paying their
One partner at a firm paying mid-Atlantic rates said: “The market is fragmenting dramatically. There is a convergence between the magic circle and sensible mid-Atlantic firms and then you have these other firms that are remunerating their English solicitors at rates higher than those in
This year Farrers made up four new partners, bringing the firm to 64 partners in total.
Where does Weil Gotshal's dramatic move leave the City pay market? And what does it say about the New York firm? Have your say with the Legal Week Wiki 2007 pay-round special.
