£170k and £164.5k
Davis Polk and Cleary Gottlieb have become the latest US law firms to increase the salaries of their fresh faced associates in London.
Davis Polk, which recruits six UK trainees each year, has boosted rates for newly qualified (NQ) lawyers to £170,000 — a 3% uplift from £165,000. The rise came into effect on 1 January.
The cash injection sees Davis Polk pull away from Willkie Farr, which offers NQs a salary of £165,000 following an increase at the start of the month.
Cleary, meanwhile, has upped first year rates to £164,500, a rise of 3% from £160,000. The firm recruits around 16 UK trainees each year on a starting salary of £57,500.
The Legal Cheek Firms Most List 2024 shows Akin and Milbank remain the top payers in the City with a dollar converted rate of around £177,500.