News

Weil bumps NQ solicitor rates to £165k in London

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Effective 1 January 2023

The London office of Weil, Gotshal & Manges has increased salaries for newly qualified (NQ) associates.

Rates will move from an already impressive £160,000 to £165,000 from 1 January 2023, the firm said.

The Legal Cheek Firms Most List 2023 shows NQs are now £5k better off than their counterparts at fellow US players Davis Polk and Goodwin Procter, and sit just behind those at Kirkland & Ellis and Latham & Watkins (both around £170k).

The 2023 Legal Cheek Firms Most List

Weil recruits around 15 trainees each year on a starting salary of £60,000, rising to £65,000 in their second year.

The firm has already increased salaries twice this year, upping in April from £145,000 to £150,000, and again later to £160,000.

Earlier this summer the firm also boosted its annual maintenance grant for future trainees by a whopping 60%, from £12,500 to £20,000.

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34 Comments

Anon

Effective pay decrease… Poor fellas 🙁

(18)(5)

Anon

Erm – they’ve gone up from £145k to 165k in the space of 9 months?

(9)(1)

Anon 1

Erm kewl so official inflation figures at 11.1% and that’s a 13.8% raise… but we all know published inflation figures do not accurately represent the true inflation rate.

Long story short, argument still stands.

(1)(24)

Why you embrass me

that was some awful lawyering..

(12)(0)

Anon

I mean, aside from the obvious weakness in your argument, you’re not even comparing the right figures here. Inflation was 11.1% in the 12 months to October – your 13.8% is across a 9-month period (in respect of which the inflation figure isn’t yet available, but for end Mar – end Nov it was 8.2%).

(2)(0)

Anonymous

A nice easy-to-write pay-rise story in the run-up to the holiday period – it’s a Christmas miracle for the LC editorial team!

(78)(1)

Pleetus

Impressive amount for an NQ. Hopefully this will filter down – remember, law firms can afford to pay associates a greater chunk of their billables. The only issue is if they are willing.

(27)(3)

Dentons Associate

For sure, cant wait for the trickle down economics to reach me in 2026

(66)(0)

Doing the journalism for you

Latham doesn’t pay £170k. It pays £165k.

(26)(0)

Irwin Mitchell NQ

How much is that per hour, after tax?

(6)(0)

HMRC

£23 an hour post tax assuming 70-80 hour weeks.

(40)(1)

Rizzlesaurus Rex

Assuming 60 hour weeks, 9-9 days, 5 days a week. Assuming also 47 weeks of working (25 days holiday, 5 days in a week, 5 weeks x 5 days = 25 days).

Yearly is 165k
After tax that is 98,971.40
Monthly pay is £8,247.62
Per hour that is £35.10

(22)(8)

Future Law Fair Attendee

You forgot to take into account the £1k+ monthly shafting from the student loan company. Also any pension deductions etc.

(40)(0)

100k body count

That’s not how it works.
First, the tax calculator comes out at £97,066.02, not 98,971.40.
Second, you put in 32k pension, 8k employer contribution. So you’re on £79,656.02 annual with 40k pension instead of c.£17k more cash. Because people get that 40 is bigger than 17.
Third, as someone above mentions, you’re going to have about £10k a year going to student loan assuming £50k student debt (which I think is probably too charitable but hey ho).
So you’ll be on roughly £69k net, which is about £5,750 a month. If you’re now renting alone with bills in London, that’s about 2k+ a month. So ultimately about £3,750 a month.
You’ll get health benefits from work – they’ll pay for your gym for example, but generally if you’re a basic b, you eat food, you get Deliveroo and are too lazy to cook, you use Ubers from time to time and generally have a boring lower middle class lifestyle, buy a nice suit and some ties and shirts etc. for work, you’ll spend maybe about 1k a month.
So you’re probably saving about £2,750 or less.

(21)(10)

Patrick Bateman

Don’t rent by yourself like a psychopath, find some friends, and you can save several hundred quid a month and live somewhere nicer…

(18)(3)

Hole in the rubber

When you’re 30, you don’t want to share anymore.

It’s true the youngest NQs are 25/26, but very common to have had someone do something else for a couple of years or so beforehand and end up c.30. Also working from home with others isn’t doable long term.

It’s also a stressful job, a houseshare isn’t cool. Very few people houseshare after qualification. People are usually thinking about buying but the interest rates right now are insane.

Anon

But then you’re ignoring you’re saving for your pension….

(5)(1)

Cog in a machine

Also forgot to factor in bank holidays, which usually knock off an extra nine working days annually (I think?).

Thx

(5)(1)

Anon

Not worth it.

(4)(3)

Dishi Rishi

I’ll have £2250 please, thanks m8.

(7)(0)

The dismal future

Have LegalCheek considered sacking their staff and just getting ChatGPT to write these stories?

(34)(0)

B

How much do counsels earn compared to a senior associate at Weil?

(8)(1)

Counsels

Counsels?! I wouldn’t worry about it mate you won’t be doing either job with English like that.

(6)(30)

Counsel

What is the correct plural? Genuinely interested.

(6)(0)

Not Counsel

Counsel.

(1)(2)

Oh Neillll

165k to sacrifice my life. One of the worst firms for Work-Life balance. There are better options folks, trust me.

(32)(1)

Who?

Like???

(5)(0)

Avid US observer

Plenty of lifestyle US firms to choose from, such as Kirkland, Latham, STB, Akin, Milbank and Paul Hasting

(35)(4)

G

Loool tier trolling all those firms you mention, there’s no life balance

(2)(0)

Simples

Yeah, so you stay a few years and move. Simples

(7)(0)

V

Do lawyers and trainees at these type of firms ever make typos?

(5)(1)

Belvedere

There’s a strict three typos and you’re out policy.

(42)(0)

Magic Circle Dwindler

Hmmm I think I’ll respond to that recruiter i’ve ignored about a 3-5 year PQE position at Weil then…

(6)(7)

The truth.

200k for NQ (when you include bonuses) not bad at all.

People wonder why people choose to go to these firms. The money. It’s always the money.

(3)(0)

Comments are closed.

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