Weil, Gotshal & Manges average highest gender pay gap in London

50 per cent of the top 20 largest pay gaps in the city of London come from law firms.

(Weil, Gotshal & Manges offices in Washington, D.C. REUTERS/Andrew Kell)

Weil, Gotshal & Manges (WG&M) have averaged a pay gap of 61.7 per cent since 2018, making them the least equitable employer within the City of London.

This news comes as the Financial Times published a pay gap report earlier this week, which highlighted that women were paid 13 per cent less than their male colleagues in 2021.  

In the report, WG&M had the 3rd highest pay gap for companies with postcodes in the City of London, recording a 61.2 percent difference in median hourly salary.

Since 2018-2019, WG&M have ranked 1st and 4th in terms of largest median differences in hourly pay for companies in “The City”.

“There are some disparities but the figures [from the Financial Times] do not account for things like bonuses. They also don’t look at specifics. We [WG&M] don’t break down our data by roles within the company”, said Keisha Johnson, a Recruitment and Diversity Manager at WG&M.

However, data from the Government Equalities Office indicates that median differences in bonuses at WG&M were 71.2 per cent from 2018 – 2021,  making them the 12th most inequitable firm in the City of London for bonuses.

Pay gap inequalities seem to be a common feature amongst law firms, with 50 per cent of the top 20 largest pay gaps in the city of London coming from law firms in 2021.

Professor Hugh Collins, the Cassell Chair for Commercial Law at the London School of Economics explained: “Law firms find it difficult to persuade women to become equity partners rather than salaried partners.”

The lack of female equity versus non-equity partners may be one side of the pay gap equation but culture plays a role as well.

According to an unnamed source: “That [large pay gaps in law firms exist] doesn’t surprise me. In some firms you’re required to keep your salary a secret and if you tell anyone you get called into the managing partner’s office.”