Vinson & Elkins ups NQ lawyer salaries in London to £159,500
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.
This website has become quite predictable and boring. Its the same thing over and over again. Salary increases, retention scores and the odd event. The only interesting long form articles are by students who submit stuff to you. No proper coverage on the criminal bar, Russia, high profile lawyer moves, inside info on firms, coverage of lawyers working on interesting things, book reviews, interesting cases etc. The decline over the last 4 years has been remarkable, but I’m sure you’re making more money as you get sponsored for all these salary adverts.
I believe this platform is aimed at students. I personally don’t bother reading the articles and focus on the comments as there’s usually heaps of industry insight to glean
You really don’t get it, do you?
Junior lawyer salaries in the UK have been stagnant since the 1990s. Salary adjustments didn’t even match inflation whilst partner drawings continued to rise. There was always a few US outposts that didn’t offer TCs, but instead offered really high NQ salaries to lure people who trained elsewhere. But that was only a few roles per year.
Now, a noticeable percentage of NQ roles in the City offer salaries of well over 6 figures, and it’s causing the rest of the market to take notice finally. Even the tight-fisted insurance panel firms are having to do salary adjustments of >25% in the past year just to persuade people to stay. Other firms have raised salaries 3 times in the last 6 months. Regional offices now pay NQ salaries of over 60k, and a few years ago that was senior associate/salary partner income in the regions (for some firms it still is). This is unprecedented.
This is a significant moment for the profession and the more rises are reported, especially from the US firms that are trying to grow their UK footprint, the more pressure will flow down to the British firms.
Let’s keep the circus going!
Unfortunately not all tight-fisted insurance panel firms have made salary adjustments. In fact, one such firm that has had a 50% PEP increase has failed to increase salaries at all.
I am on this site for the comments not the articles. They are gold.
I am in commercial law for the money not ‘love of the law’. Pay me more gold.
The show goes on.
If only you could be honest in interviews, I would love to have been able to say that in my “why us” answer…
Yeah you need to play the game. Feed them the answers they want to hear, unique culture etc. In reality they are all largely the same.
And you still have to spit out a few lines through clenched teeth about culture in lateral interviews but not nearly as much as TC apps.
Random passer by
Sadly the comments aren’t as good as they used to be as they censor a lot. In some cases that is justified, but in other instances they just block out comments that upset their paymasters. Legal Cheek was at its peek circa 2015 to 2018. Now we swing by hoping it gets better but it never does. 4/5 articles a week on a firm increasing NQ pay by £10k is boring.
So true. They are very actively blocking comments relating to the insurance heavy firm that has +50% PEP yet has not given associates any form of salary increase. The problem won’t go away at said firm until they increase salaries. They won’t attract talent and the existing talent will gradually leave.
Long Live the Pay War
Couldn’t agree more.
The responsiveness of firms increasing salaries during the pay war is no doubt attributable to the reporting of salary increases from legal forums such as Legal Cheek, The Lawyer and RoF.
Does the OP seriously think other firms would have increased their salaries – particularly those who have been stagnant for years – if people were not talking about it constantly?
Most of the lawyers who have enjoyed salary increases have, to some degree, legal tabloids to thank for them.
Also, just to add, ‘Random passer-by’ sounds like a salty equity partner who’s PEP is reducing due to fair remuneration of their associates. After all, who else doesn’t want to hear about rising salaries
He's a fraud
Legal cheek please don’t listen to this person. They’re probably a partner at a firm crying because these articles are making pay more transparent. Keep posting and LONG LIVE THE PAY WAR.
Inside info on firms is what I come for but LC produce little in this regard or they just censure comments revealing inside info.
The fact that the comments are censored beforehand is what is making the site boring.
There used to be near the knuckle debates and banter in real time once with only the odd comment removed reactively.
Now you can’t even say [deleted] here any more!