Milbank Tweed hikes London NQ salaries to £124,000

Milbank Tweed has handed its London lawyers a massive salary boost, following the lead of the New York market.

Earlier this week, Cravath Swaine & Moore raised its New York base pay for New York first-year associates from $160,000 to $180,000 – the first increase since 2007 – sparking a rush as other US firms followed suit.

Milbank Tweed, which took its first trainees in 2013, was one of those firms. It has confirmed that it will match Cravath’s salaries in New York, and has boosted pay for its London lawyers to match. The $180,000 salary for first-years in the US translates to around £124,000 for newly-qualified solicitors in London.

Previously, the top of the market for NQs was around £100,000, matching the previous standard $160,000 base rate in New York. It was paid by a handful of US firms in London, including Milbank, Akin Gump, Vinson & Elkins, Davis Polk and Sullivan & Cromwell.

Level New York pay scale Sterling conversion 
1st year associate /NQ $180,000 £124,000
2nd year associate /1PQE $190,000 £130,500
3rd year associate /2PQE $210,000 £144,500
4th year associate /3PQE $235,000 £161,500
5th year associate /4PQE $260,000 £179,000
6th year associate /5PQE $280,000 £192,500
7th year associate /6PQE $300,000 £206,000
8th year associate /7PQE $315,000 £216,500