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Milbank ups London NQ lawyer salaries twice in a month

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As Quinn Emanuel boosts City pay to £146k

US titan Milbank has upped the salaries of its junior lawyers in London — again.

Just last month Legal Cheek reported that Milbank had fired the starting pistol on another US pay war, increasing salaries for newly qualified (NQ) associates from $190k to $200k. The firm’s London lot were handed the same rises, according to an internal memo, taking pay this side of the pond to roughly £145k based on today’s exchange rate.

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Step forward Davis Polk. In the law firm equivalent of ‘hold my beer’, Milbank’s US rival quickly set down a new pay marker by bumping NQ rates to $202.5k (£146.5k). A host of firms have since matched the move while some, incredibly, went even further and upped junior lawyer remuneration to a marketing topping $205k (£148k).

Not to be outdone when it comes to matters of money, Milbank has now confirmed it too has upped NQ salaries to $205k on both sides of the pond. The rises — which also apply to lawyers in the firm’s offices in Asia and Sao Paulo — take effect from 1 July, according to an internal memo published by Above The Law.

In further MoneyLaw news, Quinn Emanuel Urquhart & Sullivan has this week confirmed NQ rates in London now sit at a whopping £146k — up 8% from £135k.

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14 Comments

Name

The legal cheek design team deserve a raise for the brilliant work they’ve done on the thumbnail for this article. Two raises in one month —–> take the “loads of money” stock image then copy and paste it so there’s two side-by-side.

(53)(3)

Jeremy Corbyn

Brothers! Sisters!

Jeremy Corbyn should have won in 2019!

We need socialism to stop this greed!

A windfall tax of 140% on all salaries over the UK median!

VOTE LABOUR

FOR THE MANY, NOT THE FEW

(2)(14)

Mike

NRF to follow?

(7)(6)

LH

NRF will match those salaries by about 2050.

(1)(0)

Milbanker

Stop showing the wrong figures. You know that Milbank use 1.39 for 2021, so the salary is £147,482

(8)(8)

:|

Wow, Milbank must really be burning through associates fast if they’re this desperate.

(5)(7)

Milbanker

They’re literally just meeting the new market rate.

(19)(1)

Touker

Milbank and the other US firms are making absolute mockeries out of the UK firms on their own turf.

(25)(0)

Sad

Why Weil has not increased salary

(6)(2)

Realist

Sounds great but let’s just think about how much of a personal life/social sacrifice they will make for this salary. Burnt out and depressed in no time when they realise the cost to the salary. Just not healthy.

(24)(4)

US associate

I can guarantee you won’t necessarily work less harder at the Magic circle / silver circle firms but the pay would be substantially less

(8)(2)

Phew

Thank you for your guarantee, US associate

(10)(0)

US Bore Firm associate

This is like being told by a hostage that their kidnapper is actually a reasonable guy.

(0)(0)

Anon

The only people that hold this opinion are those that got rejected by these firms, or arent good enough to get in. Working a few more hours per day for 4 times the pay than a shite 9-5 job is a no brainer in your 20s. Party hard at uni, get all the angst out, and then get the bag.

(3)(6)

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