Skadden raises NQ lawyer pay to £165k
Skadden has become the latest US firm to increase pay for its newly qualified (NQ) lawyers in the City of London.
Base rates at the New York-headquartered outfit have moved from £157,000 to £165,000, an uplift of 5%.
The Legal Cheek Firms Most List 2023 shows Skadden recruits around 14 trainees each year on a starting salary of £58,000. This rises to £63,000 in year two.
The move follows similar increases in December by US firms Weil Gotshal and Cleary Gottlieb, both of which boosted NQ rates to £165,000 and £160,000 respectively.
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The bigger news is that we’re getting an additional ‘one-time payment’ in January. This will top up last year’s salary to what it would be with the new FX rate.
But speak to the doomsayers at English law firms and you’d think it’s all stealth layoffs at US firms 😂
Ah just you wait laddy, there’s a redundancy letter waiting for everyone someday. Careful with the gloating.
Oh and back to your Torts revision, you’re fooling no one Fresher.
The “one-time payment” is poppycock.
I have seen the email
Not true. The exact wording of the email is as follows: “… we are pleased to inform you that you will receive a onetime payment of £[ ] on 27 January 2023. Eligible attorneys are those who are employed by the Firm on the payment date. Payments will be pro-rated for attorneys who started during 2022. This payment is in response to the sustained downturn in the GDP/USD exchange rate during 2022 and is not intended as a standard practice.”
I would know because I have seen it.
lawyer-at another us firm
What are the size of the one-off payments?
In the know
It depends on what PQE you are. It’s the difference between what your base salary was last year and what it would have been had the new FX rate (£1 = $1.3) been used
In the know
It depends on what PQE you are. It’s the difference between what your base salary was last year and what it would have been had the new FX rate (£1 = $1.3) been used.
So for someone who was an NQ last year, they’d get £8k (£165k-£157k)
I’m 1PQ and mine is £9k
Rupert; a US Firm partner