Milbank Tweed has handed its London lawyers a massive salary boost, following the lead of the New York market.
Earlier this week, Cravath Swaine & Moore raised its New York base pay for New York first-year associates from $160,000 to $180,000 – the first increase since 2007 – sparking a rush as other US firms followed suit.
Milbank Tweed, which took its first trainees in 2013, was one of those firms. It has confirmed that it will match Cravath’s salaries in New York, and has boosted pay for its London lawyers to match. The $180,000 salary for first-years in the US translates to around £124,000 for newly-qualified solicitors in London.
Previously, the top of the market for NQs was around £100,000, matching the previous standard $160,000 base rate in New York. It was paid by a handful of US firms in London, including Milbank, Akin Gump, Vinson & Elkins, Davis Polk and Sullivan & Cromwell.
|Level||New York pay scale||Sterling conversion|
|1st year associate /NQ||$180,000||£124,000|
|2nd year associate /1PQE||$190,000||£130,500|
|3rd year associate /2PQE||$210,000||£144,500|
|4th year associate /3PQE||$235,000||£161,500|
|5th year associate /4PQE||$260,000||£179,000|
|6th year associate /5PQE||$280,000||£192,500|
|7th year associate /6PQE||$300,000||£206,000|
|8th year associate /7PQE||$315,000||£216,500|
Source- The Lawyer