Major law firms DLA Piper, Duval & Stachenfeld, and Winston & Strawn have all decided to match Milbank in offering salaries of $215,000 (£160,500) a year.
Chicago headquartered litigator Winston & Strawn yesterday said it would boost salaries paid out to its newly qualified associates by $10,000 a year, to match Milbank’s offer to new lawyers of $215,000 a year, the law firm confirmed in an email to City AM.
London law firm DLA Piper said to City AM that newly qualified lawyers in its US offices would be paid $215,000, while freshly trained lawyers in its London offices will continue to receive £88,000. A spokesperson for DLA Piper said its London salaries are currently under review.
Real estate lawyers Duval & Stachenfeld also followed suit in matching Milbank’s $215,000 offer, according to reports from Law360.
The race to top comes after US law firm Milbank last week sparked a fresh bidding war in the battle for legal talent, in raising salaries for newly qualified lawyers to $215,000.
Milbank’s offer was quickly surpassed by Boston based law firm Goodwin Proctor, who said it would offer unprecedented salaries worth £161,500 a year to its newly qualified associates.
The eye-watering offers quickly sparked criticism from observers, as one top general counsel claimed $150,000 salaries had gotten out of control, as he argued that young lawyers will burn out before they hit 30.