Another day, another pay rise 💷
Vinson & Elkins is the latest US outfit to increase the salaries of its lawyers in London, with rates for newly qualified (NQ) associates moving to $215,000.
The Texas outfit, which recruits around six UK trainees each year, confirmed to Legal Cheek that this equates to a salary in Sterling of £159,500. NQ pay previously stood at £153,300.
The move comes in the same week we reported a trio of US firms had upped base rates for City NQs. Gibson Dunn and Simpson Thacher moved salaries to £161,700 and £158,000 respectively, while juniors at Covington & Burling saw their pay rise by 17% to £151,000.
V&E associates further up the ladder have also been handed rises. Salary bands for those with one and two years post qualification experience (PQE) now sit at $225,000 and $250,000, while a three PQE lawyer will earn $295,000. The rises are backdated to 1 January 2022.