Goodwin Proctor ups the stakes in battle for legal talent in offering juniors £161,500 a year
US law firm Goodwin Proctor has raised the stakes in the battle for legal talent, in offering newly qualified lawyers in its London office an unprecedented £161,500 a year.
The Boston headquartered law firm’s move will see junior lawyers’ pay boosted by 10 per cent from £147,000 to £161,500, Morning Wire understands.
Goodwin’s decision to up the stakes comes after New York City headquartered firm Milbank kicked off a new race to the top last week, in offering newly qualified associates in its London, Sao Paulo, US and Asia offices $215,000 (£159,250).
Milbank’s $215,000 a year offer was quickly matched by rivals including Baker McKenzie and Cadwalader, Wickersham & Taft.
The new threshold comes after a prominent general counsel yesterday said £150,000 salaries in the law sector had gotten “out-of-control” as he warned that the expectations being put on juniors will see them burn out before they hit 30.
According to research from Legal Cheek, junior lawyers at Goodwin Proctor work an average of more than 12 hours a day.