Jones Day is upping its first-year trainees pay packets to 36,000 to break the 35,000 benchmark set by most of its US rivals.
Jones Day, which merged with Gouldens, the legacy UK firm that was famous for paying its trainees the highest salaries in the City, is increasing salaries of first-year trainees in its City office from 33,000 to 36,000 and second-year salaries from 37,000 to 40,000.
Newly-qualified solicitors at Jones Day do not fare so well, and although at 55,000 their pay outstrips the 50,000 on offer at most of the UKs magic circle firms, it is still considerably less than their peers receive at other US firms. At Cleary GottliebSteen & Hamiltons London office, for example, newly-qualified lawyers earn a staggering 74,000, while at Cadwalader Wickersham & Taft the figure is 65,000.
|City pay for first year, second year and newly qualified lawyers at US firms|
|Firm name||First year salary after increase (if any) K||Second year salary after increase (if any) K||Newly qualified salary after increase (if any) K|
|Cadwalader Wickersham & Taft||30.0||33.6||65.0|
|Cleary Gottlieb Steen & Hamilton||35.0||40.0||74.0|
|Shearman & Sterling||35.0||37.0||55.0|
|Weil Gotshal & Manges||35.0 (rising by 1,250 each seat)||N/A||60.0|
|White & Case||33.0||36.0||60.0|
|Source: Lawyer 2B|