Salary wars: Cadwalader raises NQ pay to £124,000

Cadwalader Wickersham & Taft has become the latest US law firm to hike its salaries for newly qualified solicitors to £124,000.

The firm is matching the scale set by New York firm Cravath Swaine & Moore last week and followed by a host of US firm in London.

Lawyers with one year of post-qualification experience will be paid £130,500 and 2PQEs £144,500.

Other firms to adopt the Cravath scale for their London lawyers include Kirkland & Ellis, Milbank Tweed, Latham & Watkins and Davis Polk.

Level New York pay scale London pay scale 
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