Covington raises NQ rates to £128k
Two more US law firms in London have opened their wallets and splashed cash at their junior lawyers.
Gibson Dunn has raised newly qualified (NQ) solicitor pay to £145,000, up 16% from £125,000, according to an email seen by Legal Cheek. There are further increases of between 15-18% to each of the other class year rates.
In the email sent to lawyers announcing the raises, Penny Madden, co-parter-in-charge of the London office, thanked them for their “hard work over the past challenging year — we really appreciate your dedication and great contribution”.
Gibson Dunn didn’t respond to requests for comment.
Covington & Burling, meanwhile, hiked NQ pay in London to £128,000, up 7% from £120,000. The firm also raised associate rates in London to a maximum of £225,000.
Covington last upped NQ lawyer pay in London back in 2019 from £100k to £120k.
The latest raises from both firms sit above those offered by the magic circle, which now pay NQs a base salary of £100k (though Allen & Overy‘s includes a £10k sign-on bonus), but below other US law firms in London. Our Firms Most List shows Vinson & Elkins and Skadden pay market-topping and non-dollar-pegged sums of £153,400 and £150,000, respectively.
Just last week, Goodwin raised London NQ pay for the second time this year to £147,000, matching moves made by a number of US firms.