Davis Polk joins City pay war with £160k NQ salary

Agency hikes trainee pay (once more!), as does Gibson Dunn

Davis Polk & Wardwell has joined the City pay war with a 8.5% salary rise for its newly certified (NQ) solicitors in London.

Authorized Cheek can reveal the US agency has elevated NQ base pay from £147,500 to £160,000.

The pay bump means Davis Polk is joint third in the case of which regulation corporations pay their juniors essentially the most, matching the remuneration on provide at Fried Frank. At £161,700, Gibson Dunn is the best paying regulation agency at NQ stage, however solely by £200, as Goodwin Procter follows shut behind with £161,500.

Under is an inventory of the highest 5 NQ salaries at present out there:

Agency NQ Fee
Gibson Dunn £161,700
Goodwin Procter £161,500
Davis Polk & Wardwell £160,000
Fried Frank £160,000
Vinson & Elkins £159,500

Davis Polk has additionally elevated trainee solicitor pay by 4%. Yr one charges have elevated from £57,500 to £60,000, whereas yr two charges, which went as much as £62,500 solely again in October 2021, are actually £65,000. Weil Gotshal is the one different agency to supply these identical charges, our 2022 Companies Most Checklist exhibits.

Gibson Dunn, in the meantime, has thrown further money at its most junior attorneys in London. Yr one trainee charges have elevated from £50,000 to £55,000, while these a yr forward will see their salaries rise from £55,000 to £60,000. These rises of 9% and 10%, respectively, are efficient this month, in response to an inside memo seen by Authorized Cheek.

As of final month the agency pays the best at NQ stage so it was solely a matter of time it matched trainee market charges.

LPC and GDL upkeep grants have been additionally just lately boosted by 17% from £9,000 to £10,500 on the agency.

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