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 £65,000 rising to £70,000 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.
