Weil Gotshal, which in May laid off 79 staff and in June announced the closure of its Austin, Texas office, is cutting the salaries of new associates at its London location.
Newly-qualified lawyers at One South Place will see their compensation cut 5.5%, to £85,000 ($137,500). Still, the new reduced salary is higher than the going rate for top London firms.
Also, the London branch is freezing salaries for all associates.
Weil, Gotshal & Manges is an international law firm headquartered in New York City. It is one of the largest and most highly regarded law firms in the world, with approximately 1,300 lawyers and gross annual revenue in excess of $1.7 billion.
Posted by Erik Even
on July 7, 2009. Filed under Home,Law Firm News,Legal News,World News.
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Anonymous
July 7, 2009 at 11:13 pm
This is not right. If anything I think the pay should be kept the same! If they want to lower the pay then people will start quiting, but hey atleast they are making more than the top firms in London. -Nick Smoltz
Anonymous
July 8, 2009 at 12:19 am
It is a shame that the American Branches are being shut down is such a prime location. Texas being one of our largest states with a large revenue.
Zack REDface_@yahooo.com
Anonymous
July 8, 2009 at 2:58 am
Is this even an issue? i mean i for one could care less if they get a price reduction. with salaries like that its no wonder they are having financial woes
Brian Priest
babelable234@live.com