Exclusive: Boom! Kirkland brings New York salaries to London
10 June 2016
Kirkland & Ellis has raised newly-qualified pay to £125,000 and given all its associates a 25% salary increase.
The firm sent an internal memo round its London office yesterday morning announcing that associates would now be paid New York rates. At the current exchange rate, that means that a Newly Qualified lawyer will jump from an already chunky £100,000 p.a. to an eye watering £125,000. More senior associates will also see their salaries rise by 25%. A lawyer who qualified in September 2010 will now be paid $280,000 p.a., roughly £194,000. Bear in mind that bonuses will be paid on top of that.
Kirkland's pay rises match the rates Cravath announced for its New York office last week, and which Weil followed a few days later. However neither firm has said whether there will be parity for its London associates.
||Kirkland's London office, yesterday
Kirkland's introduction of New York wages for its London lawyers means it is now as good as certain that the top US firms will follow suit in the coming days. Expect big hikes at the likes of Debevoise & Plimpton, Skadden and White & Case. And at Shearman, which will have to go back to the drawing board only a week after announcing its NQs would be paid £95,000 p.a..
: Latham & Watkins has indeed announced this morning that it is matching Kirkland's pay in London.