Linklaters has matched the ‘Cravath’ scale and will pay its first year associates $180,000 in New York, equivalent to around £124,000.

Cravath raised its salaries earlier this month, prompting a host of firms to follow suit, including the other magic circle firms based in New York, Clifford Chance, Allen & Overy and Freshfields.

However, London lawyers will not be paid as much as their New York peers. Linklaters newly qualified solicitors in the City receive somewhere in the region of £91,000, depending on their performance.

PQE Median salary + median bonus mid rating Median salary + median bonus high rating 2015 salary range (not including bonuses)
NQ £81,000 £91,000 £68,500
1 £90,000 £101,000 £74,000
2 £100,000 £119,000 £83,250-£88,000
3 £111,000 £130,000 £92,500-£98,500

In March, Linklaters announced a raft of changes to its salaries, bonuses and benefits in a bid to create a sustainable and attractive recruitment and retention model.

The changes includes extra holiday, added bonuses and one day a week working from home for all qualified lawyers.