Vinson & Elkins has become the latest American firm to raise its newly-qualified salary to £100,000 – a 25 per cent pay rise.
The Texas-founded firm, which takes four trainees a year, has bumped up 1PQE salaries by 22 per cent, to £110,000, while 2PQE salaries rise to £120,000, an increase of 20 per cent.
First year trainees at the firm are currently paid £45,000, with £47,500 for second-years.
Vinson’s London managing partner Alex Msimang said: “Our talented lawyers and trainees are a vital part of our commitment to providing excellent client service, and these measures help ensure they are rewarded for their hard work. Our firm’s success depends upon attracting and retaining the best talent and these compensation changes, combined with our career development programmes, allow us to remain highly competitive in this market.”
Bingham McCutchen (now part of Akin Gump) was the first firm to pay £100,000 to NQs in London, in 2010. A number of other US firms have followed suit in the last five years, including Davis Polk, Sullivan & Cromwell, Latham & Watkins and, last week, Weil Gotshal.
Vinson’s pay rise will take effect from January 1st.