NY firm Davis Polk offers high salaries for London NQs
Davis Polk has made a splash in the London with the announcement of a hefty pay packet for UK trainees. The firm will take on six trainees in 2014, paying them £50,000 for the first year, £55,000 for the second and a massive £100,000 on qualification.
2014 will be the year that it’s first round of trainees - who joined the firm in 2012 - will become qualified.
This pay package puts Davis Polk among the top paying firms in London, on par with rival US firms like Latham & Watkins and Bingham McCutchen, and just ahead of Weil, Gotshal & Manges and Skadden, Arps, Slate, Meagher & Flom, who pay £95,000 for newly qualified lawyers. The salary is way up above what the Magic Circle pays (currently around £39,000 for first seat trainees and £64,000 for NQs).