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Weil Gotshal joins ‘100 Club’ with Christmas pay boost for junior lawyers

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Exclusive: Newly qualified salaries at US giant hit the £100,000 mark

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Weil Gotshal & Manges has revealed an early Christmas present for its newly qualified (NQ) lawyers in London, boosting pay to a cool £100,000, Legal Cheek can exclusively reveal.

The New York-headquartered outfit, that offers around 15 training contracts annually, has chucked its freshly minted lawyers a pay rise of over 3%, taking NQ pay packets from £97,000 to an eye-watering £100,000.

Trainees haven’t been forgotten either. Those starting out at the firm will see a whopping 12% pay increase, from £41,000 to £46,000. Meanwhile, those entering the second year of their training contracts will take home an extra £5,000 — an 11% rise — taking salaries up to £50,000.

According to Legal Cheek’s Most List, the generous pay boost sees the firm leapfrog fellow US outfits Kirkland & Ellis and Skadden in the remuneration table. Bringing the corporate powerhouse in line with Akin Gump and Davis Polk as members of law’s ‘100 Club’, the announcement further cements US pay dominance in the City.

Only two firms now offer junior lawyers more cash: Latham & Watkins, which boosted NQ pay packets to a staggering £101,000 earlier this year, and ‘white shoe’ stalwart Sullivan & Cromwell, which Legal Cheek exclusively revealed back in August was upping its junior lawyer pay to an astonishing £101,500, the highest anywhere in the City.

The announcement sees Weil Gotshal pull even further away from its nearest English competitor, Allen & Overy. The magic circle outfit — that offers its fresh-faced associates £78,500 — is now a massive £21,500 behind the US-powerhouse, despite upping pay packets by a quarter back in July.

The money being offered by Weil Gotshal’s senior management may be generous, but law students take note: US firms will expect you to work for that extra cash. So don’t make any evening plans. Ever.

The news follows a revelation back in September when Legal Cheek reported how someone claiming to be a Weil Gotshal solicitor was flogging training contract application advice for £45 an hour.

Hopefully this latest pay injection will stop the firm’s lawyers needing to work second jobs to make ends meet.

15 Comments

Boh Dear

After tax doesn’t this work out at just enough money to buy another ivory back scratcher? All ‘helps’ though I guess.

(8)(0)

Anonymous

But given how hard you have to work you can just live in the office, so saves on rent or mortgage.

(12)(3)

Tyrion

Yawn…. yeah agreed (not). Much much to take a low paying non-grad role with low future prospects than earn top dollar at a place with prestige and have good career prospects. Some of us have loans to pay off, parents to help and siblings too. So hard work to earn that cash is not a problem.

(8)(0)

Tyrion

*Much better

(1)(0)

Anonymous

Is the pay rise sharia compliant?

(4)(2)

Anonymous

My lazy self makes less money than these over-excelling intelligent hard-workers so obviously this is a fucking outrage.

(10)(0)

Anonymous

If you’re smart, get a TC (or good enough to get one) and you’re at A&O, wouldn’t you be REALLY pissed off by this?! IF I’m a commercial solicitor who is going to work at least an 80 hour week regardless, I’d rather be paid 100K than 75K!

(8)(1)

Anonymous

No need to be pissed off.

If you’re training at A&O and half decent, it’s not difficult to move over to somewhere like Weil.

Surprisingly enough, some people would just prefer to work at somewhere like A&O instead of Weil, despite the pay discrepancies.

(7)(5)

Anonymous

Well yeah, You wouldn”t go to Weil if Private Equity doesn’t float your boat.

(2)(0)

Anonymous

It sounds fantastic. But by 2024, you’ll need to be earning £164,000 pa just to get on the very bottom rung of the London property ladder:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/12029161/Ive-got-6k-earn-27k-and-want-to-buy-a-London-home-by-2025.-Do-I-stand-a-chance.html

(1)(0)

Tyrion

In zone 1 and 2 maybe. Stop with this incessant hype. Life exists in 4-5-6 or the home counties.

(4)(1)

Anonymous

Yeah with an hour commute

(0)(0)

Anonymous

I work in legal aid crime.

The pay sucks but I love my job.

I know people who work on Magic Circle firms and have loads a cash but no time to spend it and hate their work.

Even on holiday they are expected to be in phone/text/email contact 24/7 so can’t switch off from work.

Can’t have it all…

(6)(3)

Anonymous

And that’s without bonus

(2)(0)

Weil Buttplugs Co.

I hope they finally start offering the newly-minted NQs a thick, vulcanised rubber buttplug as part of the welcome package.

No amount of trainee-era rogering will get you ready for the penetration you’re about to experience – think 2,200+ billables p.a. as well as playing the managing partner’s skin flute.

(7)(0)

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