Only the truly dedicated need apply
Davis Polk has raised trainee salaries up to £62,500, making them the highest paid trainees in the UK.
New starters at the New York headquartered firm will get £57.5k, up from £55k. Second year trainees will be paid £62.5k, up from £60k. The firm currently takes on around four trainees each year.
Davis Polk has now leapfrogged other US firms, with the likes of Kirkland & Ellis paying its second year trainees £60k. Davis Polk's trainees will take home a salary not far off that of London NQs at a number of firms such as Trowers & Hamlins (£72.5k) or RPC (£70k). And they might be paid in a similar bracket to some salaried partners in the regions - do get in touch if you know a firm where this is the case.
Davis Polk's NQs are paid £147,500, plus a bonus, placing the firm in the £140k+ club with fellow US members including Debevoise & Plimpton, Latham & Watkins, Milbank, Akin Gump, Simpson Thacher, and Kirkland & Ellis. Not everyone has joined, and it remains to be seen how quickly any of them will catch up to Vinson & Elkins, which boosted NQ salaries from £147,500 to £153,000 in June.
The downside to such munificence is, of course, the long hours that will inevitably come with it, for the salary to make economic sense to the firm.
As someone on the discussion board once delicately put it, "the number of circles after the £ sign should warn you about the damage a year of that will do to your personal , erm, circle".
Whether you're delighted or dismayed with your pay, get in touch to spill the beans on your salary.