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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.
