New pay war?
US law firm Milbank has raised the salaries of its most junior lawyers to $235,000, a move that could trigger a wave of similar increases across the City.
The firm confirmed that class of 2025–26 associates — the equivalent of newly qualified (NQ) lawyers in the UK — will earn a base salary of $235,000 (roughly £175,000 based on a straight conversion), up from $225,000, a $10,000 increase.
The exact sterling figure for NQs in the firm’s London office will likely depend on what spot rate Milbank opts to apply. Trainees currently receive a starting salary of £70,000 rising to £75,000 in their second year. The firm has been approached for comment.
More senior associates have also received rises, with second and third-year associates now earning $245,000 (£182,000) and $270,000 (£200,000) respectively, scaling up to $455,000 (£340,000) for those who qualified in 2018.
At least one rival firm has already matched the new scales, with McDermott Will & Emery confirming the move just hours after Milbank.
Mad ting
Dolla dolla bill y’all. Look at all that cheddar
Paul Weise, Gibson Dunn still pay more so what’s big deal
Do you know something we don’t? What are they paying? Thought NQs are on 170-80 depending on the exchange rate.
Can’t even spell “Paul, Weiss” correctly, doubt they would know something… and they don’t in any case since they’ve paid until now on an FX for $225k…
Put $235k into a currency converted and tell me if it’s higher or lower than £180k. I can wait…