US firms lure staff from Magic Circle with bumper starting salaries |
The Sunday Times reports that US law firms such as Latham & Watkins and Kirkland & Ellis are luring junior lawyers away from Britain’s 'Magic Circle' practices – Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May - with huge pay packets. This month, Milbank increased base salaries for newly qualified (NQ) lawyers, including those in London, by $10,000 to $200,000 (£140,000). Following the move, Davis Polk & Wardwell increased NQ pay to $202,500 for first-year associates worldwide, which was matched by Akin Gump. This compares to magic circle base salaries for first-year solicitors of between £90,000 to £100,000. |
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