Pay rates in the UK continue to rise for associates with Akin Gump making an adjustment to surprise the Associates – in a nice, lucrative way
Akin Gump have lifted their pay for London associates to what may be the highest in the City following a change in the exchange rate calculation used for them. The new rate will see NQ salaries start at the firm on £179,000 following the firm’s decision to implement a revised spot rate of £1 = US$1.2005 for the period July to September.
The firm had already increased rates to $215,000 following the Cravath Scale rate predominant among big law firms in the United States. But the change in the exchange rate used by Akin Gump has given a ‘foreign exchange’ lift to the NQ salary rate – an effective bonus courtesy of the exchange rate.
London Big Law firms paying big money include Goodwin Procter, Davis Polk, Gibson Dun and Weil Gotshal, who are all now paying over £160,000, but it is Akin Gump that leads the pack with the latest changes to the pay rate.