Weil Gotshal cuts starting salaries in City arm

Weil Gotshal & Manges has dropped the starting salary of newly-qualified lawyers in its London arm by 5.5% to £85,000.

The move sees the firm become the latest practice to halt associate lockstep in response to the current recession, with incoming City lawyers this year earning £85,0000, against a previous rate of £90,000.

Salaries for all associates will be frozen, meaning a one-year qualified lawyer will remain on £90,000 while second year lawyers will be paid between £90,000 and £98,000.

Despite the drop Weil remains one of the most generous firms in the City, offering its newly-qualified lawyers £25,000 more than the current benchmark rate for top London firms of around £60,000.

A number of major UK practices, including Freshfields Bruckhaus Deringer, Allen & Overy, Clifford Chance and Lovells, have already announced a temporary halt to associate lockstep this year and corresponding cuts to starting salaries.

Freshfields led the market for UK firms at the beginning of February by announcing a total freeze of associate salaries meaning starting salaries for NQs would have to drop.

Several major US firms, including White & Case and Shearman & Sterling, have also this year frozen City salaries.

Weil Gotshal & Manges on the Legal Week Wiki