Generous summer bonuses and more NQ solicitor salary boosts

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Milbank LLP has announced substantial summer bonuses for its lawyers globally, including those in London, while Osborne Clarke LLP has announced a salary increase for its newly qualified (NQ) associates in London.

Milbank’s associates are expected to receive bonuses on 30 September 2024, starting at £4,700 for the firm’s first-year associates, and increasing to £19,500 for those with around seven years of experience.

According to Legal Cheek, the US law firm’s junior lawyers already rank among the highest earners in the City, with NQ associates receiving a salary of about £176,000.

Milbank is said to be leading the charge with summer bonuses as the first major US law firm to offer them this year, and rivals are expected to match the move to stay competitive.

The firm’s chair Scott Edelman said that “the first seven months of the year have been extremely busy for the firm” and expects this pace to “continue through the summer and the rest of the year”.

Meanwhile, London-headquartered Osborne Clarke also rewarded its UK employees with bonuses recently following a significant increase in revenue and profits and has now increased NQ associate salaries by 2.7% from £91,500 to £94,000. This adjustment places the firm’s London NQs just behind those at law firms such as Gowling WLG (UK) LLP and Stephenson Harwood LLP, which pay NQ solicitors an annual salary of £95,000.

First-year trainee pay in London at Osborne Clarke has also risen from £53,000 to £54,500, while second-year trainee pay has increased from £55,000 to £56,000. Pay for the firm’s Bristol and Reading-based trainee and NQ associates has also seen a boost.

The head of reward at Osborne Clarke, Sarah Underhill, said the “fantastic year” enables the firm to “continue investing in our people and business”. Underhill added that this achievement is reflected “in our competitive pay review, increased profit share and the new bonus structure for our top performers”.