US trio boost junior City lawyer pay
Exclusive: Rises at Dechert, MoFo and Sidley Austin
Three US law firms have increased the salaries of their trainee and newly qualified (NQ) lawyers in London, Legal Cheek can reveal.
Morrison Foerster has bumped its rookie pay by £10,000 to match the top market rates, The Legal Cheek Firms Most List 2023 shows. First years will now take home £60,000, whilst second years can expect to receive £65,000.
MoFo has also increased its NQ base pay from $202,500 to $215,000. Because the firm only adjusts its currency conversion rates every January, NQs will be paid a base figure of roughly £156,000, although this sum will likely increase in January upon a re-adjustment of the conversion rate.
Legal Cheek can also confirm rises in NQ pay at Dechert and Sidley Austin. Dechert’s London NQ’s pay packets have risen from £140,000 to £145,000, and Sidley has increased rates by 7.4% from £148,500 to £159,500.
This salary hike puts the Sidley on par with fellow US outfit Vinson & Elkins, whilst juniors at Davis Polk & Wardwell, Goodwin Procter and Weil Gotshal & Manges earn just £500 more. Dechert’s new NQ pay scales see it overtake White & Case (£140,000) and draw level with Sullivan & Cromwell and Willkie Farr & Gallagher.
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35 Comments
Anon
Meanwhile Linklaters and Allen & Overy still silent despite being overtaken by silver circle firms like HSF months ago.
Anon
It was apparently raised by partners in A&O last week in a Q&A with associates but by all accounts expectations were dampened. Although still “under review” supposedly.
Legal Cheeky
Apparently it was mentioned by partners in A&O in a Q&A with associates of a particular dept last week – told it was still under review by but all accounts expectations were dampened down.
Broke trainee
Any word on Links?
MC trainee
Must be nice
Kirkland NQ
How did you get that photo of me? I have my ‘gram account set to private so only the ultra wealthy and certain models can see it.
Cambridge PhD
One of the Clapham PR girls from Hinge who no longer talk to you leaked it to me.
I See Nouveaux People
Cheap shirt and tie, I see. As one would expect.
Anon
Kirkland not gonna be the top paying if they don’t update the currency collar lol
Anon
Gibson Dunn are paying more than £161,700 NQ as their pay rates are pegged to the Dollar
Update Other US Firms!
Kirkland increased maintenance grant to £17,000 for LPC and they increased salary by adjusting conversion rate to £182k for NQ.
Anon
Source on conversion rate adjustment? Has it only been changed for NQ?
Anon
LegalCheek is the source funnily enough – check the firm profile.
KE Associate
Not true. Collar is still 1.25.
Incoming Trainee
Lots of love for W&C but £140k is not good enough anymore, particularly given how successful the firm is and continues to be.
Absolutely can not have a NQ salary lower than Dechert. Market expectations must be met. Should be the same as Sidley or Goodwin, if not more.
Adam
Incoming Trainee at W&C by any chance?
Entitled Trainee Alert
How successful the firm is and continues to be? Ha. You have no idea what the projections for end of year revenue and PEP look like…
The sense of entitlement is astonishing. Why should it be the same as Sidley or Goodwin? Are those firms also full service, with offices in random, unprofitable locations?
Enthusiastic job seeker
What are the current rates for NQ/1PQE at Paul Hastings and Milbank? Anyone?
Ms Anon
PH NQ is £157k to be revised in January 2023
Links Senior Associate
Links going up to £145k in new year
Anon
Yeah, for 8pqe maybe
Anonymous
Anyone know what the salary is for 2PQE at Mishcons?
old codger
’bout tree fiddy five
Mdr
3pqe is 100k. So probs 96.
Incoming Trainee
Deluded. The numbers speak for themselves. The firm had it best financial year ever last year. Heading toward the $3 billion mark, with London alone pulling in nearly half a billion. PEP at $3.5 million – so I think the firm is doing just fine.
The fact that the firm is full service is the reason that success. As much as you don’t seem to like it, W&C’s earnings simply dwarf those of Sidley and Goodwin.
Nothing entitled about wanting to receive compensation which reflects the above.
Who’s next?
WHOS NEXT 2 RISE
Worried with a banana
The apes? I’ve seen the films.
Worried
So many firms are still just offering £10k for LPC/SQE. Has anyone tried contacting theirs to ask for an increase? I don’t know how to go about saying can we have more money please
H
Lol if they would raise they would raise. It’ll look desperate to and weird to ask
Anon
Cleary just raised the LPC/SQE grant to £17k
It’s the audacity for me
65k for a trainee? How good can they be?
Lol
Every time a salary a rises, a city partner sweats profusely
Someone ask how the dwf head partner is holding up loool
Late to the party
There is no tangible difference in what the US firms are paying despite the pre-tax differences, e.g. the difference between a £130k and a £180k salary post-tax, assuming a 40k pension with 8k employer contributions, is £17k post-tax saving. And while £17k is not to be sniffed at, people tend to work at Kirkland for 2-3 years, and given how high the salaries are generally as a lawyer, this sum of money is not likely to be noticeable, particularly if you slightly offset your lifestyle in consideration of the perception you are a big baller (i.e. you spend 400 on better timed flights than 200, you’ll take the 200 a night hotel rather than the 125). It is better to jump from a Jones Day to a Kirkland at a more senior level if you’re interested in the money where the after tax discrepancies are higher, but what tends to happen by that point is burnout and people preferring a 9-7 in-house for 150k rather than another few sweaty years working even longer into their 30s.
H
Yawn – you’re earning well regardless
V
Heard the shed is increasing to 100k. Can any shed lawyers confirm?
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