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Sunday, January 23, 2022 at 10:32 am
New York-headquartered law firm Milbank will pay its newly qualified (NQ) staff US$215,000 (£160,000) as the scramble for fresh legal talent continues through 2022.
Newly qualified attorneys will get a $10,000 pay rise, according to Above the Law, and will see their salaries rise 5 percent from $205,000 to $215,000.
Milbank’s offer was quickly matched by its New York rivals Cadwalader, Wickersham & Taft, who said it would match Milbank’s $215,000 offer.
Milbank’s decision to increase salaries for newly qualified attorneys comes after the firm posted record results last year as demand for its restructuring services surged due to the economic impact of Covid-19.
The pay rise for newly qualified lawyers comes as the battle for fresh legal talent continues as law firms across the City of London are raising the salaries of their staff.
Last week, Cleveland-based law firm Squire Patton Boggs increased NQ salaries to £85,000 a year, while London-based law firms Fieldfisher and Clyde & Co raised NQ salaries to £85,000 and £80,000 respectively.
The pay rises come as US law firms have led the fight for new legal talent by spiking salaries for trainee and newly qualified attorneys.
In July last year, Texas law firm Vinson & Elkins increased its NQ’s salaries to a record £153,000 a year, while Boston-based law firm Ropes & Gray increased its payouts to £147,000.
