US law firm to pay British trainees £70k a year amid talent war
The TelegraphA US law firm will offer starting salaries of at least £70,000 to trainee solicitors at its London office as British rivals remain under pressure in the war for talent. Magic circle lags behind on pay Davis Polk’s pay package for junior talent is high above Britain’s traditional “magic circle” law firms, which pay trainees £56,000 in their first year and £61,000 in their second. London’s private equity boom has seen US firms drastically expand their London offices, while a revival in dealmaking and corporate work following last year’s slump has also put legal services back in high demand. Slaughter and May, a magic circle law firm, last month announced it had brought forward its annual November pay review and increased its newly qualified pay from £125,000 to £150,000. Davis Polk, founded in 1849, is one of New York’s prestigious, so-called white-shoe law firms and counts Wall Street banks JP Morgan and Morgan Stanley among its clients.
History of this topic
London junior lawyers being asked to work 70-hour weeks by US firms to justify their £170k salaries
Daily Mail
Junior lawyers offered £38,000 referral bonuses on top of £164,000 starting salary
The Telegraph
Junior lawyers at a US law firm in the City could earn as much as £180,000 as firms compete for staff
Daily Mail
When the ‘fat cat’ pay gulf is this big, is it any wonder we’re facing a winter of discontent?
The Independent
Law firm pays £125,000 salary to graduates in their 20s
The TelegraphDiscover Related
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