RollOnFriday can reveal that Akin Gump's newly-qualified solicitors are earning in the vicinity of £140,000.
The US firm recently announced that it was raising salaries for first year trainees to £48,000 and salaries for second year trainees to £52,000. But, a spokesman said, it was not increasing NQ pay which "remains at US$180,000". No wonder. Its NQs are now paid more than some City partners.
The extraordinary £140k figure, which is between £50,000-£60,000 more than NQs at the Magic Circle are paid, is a result of a decision made last year by a small number of US firms, including Akin Gump and Kirkland & Ellis, to pay their UK junior lawyers the same as their US counterparts. Akin Gump, like Kirkland, pegged its London lawyers' salaries to the exchange rate and revises it every quarter. The weak, post-EU referendum pound has meant lawyers at the firm have seen their pay packets swell to bursting, and on 24 June this year the exchange rate resulted in the NQs' $180,000 becoming in the region of £140,000. A spokesman for Akin Gump confirmed to RollOnFriday that it was "accurate to state that for this quarter" NQ pay is "approximately £140k". That is more than double the NQ pay at all but a handful of City firms.
Back in 2016 when the pegged pay rises were introduced, UKIP MEP Diane James promised a comeuppance for the UK lawyers on US wages. She told RollOnFriday, "as the UK economy shows its inherent metal [sic] post Brexit the same lawyers will find themselves with a pay cut". Until that glorious day, however, they continue to make bank.
Dechert has also bumped up its junior solicitors pay, but by a more human £5,000. It puts Dechert NQs on £95,000, 1PQEs on £105k, 2PQEs on £115k and 3PQEs on £125,000. Meanwhile Jones Day, flush with the $538,000 it was this week revealed to have billed Donald Trump's election campaign, has hiked its NQ pay by a whopping 18%, from £85,000 to £100,000. Covfefe.
Tip Off ROF
The US firm recently announced that it was raising salaries for first year trainees to £48,000 and salaries for second year trainees to £52,000. But, a spokesman said, it was not increasing NQ pay which "remains at US$180,000". No wonder. Its NQs are now paid more than some City partners.
The extraordinary £140k figure, which is between £50,000-£60,000 more than NQs at the Magic Circle are paid, is a result of a decision made last year by a small number of US firms, including Akin Gump and Kirkland & Ellis, to pay their UK junior lawyers the same as their US counterparts. Akin Gump, like Kirkland, pegged its London lawyers' salaries to the exchange rate and revises it every quarter. The weak, post-EU referendum pound has meant lawyers at the firm have seen their pay packets swell to bursting, and on 24 June this year the exchange rate resulted in the NQs' $180,000 becoming in the region of £140,000. A spokesman for Akin Gump confirmed to RollOnFriday that it was "accurate to state that for this quarter" NQ pay is "approximately £140k". That is more than double the NQ pay at all but a handful of City firms.
With take-home pay of £7,031 a month, Akin Gump's NQs can now buy three gratitude paintings just this quarter. |
Back in 2016 when the pegged pay rises were introduced, UKIP MEP Diane James promised a comeuppance for the UK lawyers on US wages. She told RollOnFriday, "as the UK economy shows its inherent metal [sic] post Brexit the same lawyers will find themselves with a pay cut". Until that glorious day, however, they continue to make bank.
Dechert has also bumped up its junior solicitors pay, but by a more human £5,000. It puts Dechert NQs on £95,000, 1PQEs on £105k, 2PQEs on £115k and 3PQEs on £125,000. Meanwhile Jones Day, flush with the $538,000 it was this week revealed to have billed Donald Trump's election campaign, has hiked its NQ pay by a whopping 18%, from £85,000 to £100,000. Covfefe.
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Now have you got my bundle?
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In any case, the £ is up against the dollar compared with 6 months ago, so I'm not sure why you're saying that "on 24 June this year the exchange rate resulted in the NQs' $180,000 becoming in the region of £140,000" - presumably they were on more in January, when the pound was 5% weaker?