Not to be outdone, first-mover Milbank increases its raises for some associates

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To not be outdone, first-mover Milbank will increase…

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To not be outdone, first-mover Milbank will increase its raises for some associates

By Debra Cassens Weiss

December 6, 2023, 11:20 am CST

Milbank, the primary BigLaw agency to announce affiliate pay hikes this yr, is making some changes after BigLaw embraced a extra beneficiant pay scale.

Milbank initially deliberate to pay raises starting from $225,000 to associates within the class of 2023 to $425,000 for these within the class of 2016, a scale that mirrored $10,000 pay raises at each degree. Beneath the brand new Milbank scale, new associates will nonetheless obtain $225,000, however these within the class of 2016 will obtain $435,000.

Above the Legislation broke the information, adopted by Legislation.com and Reuters.

Midlevel and senior associates at Milbank are getting greater than first introduced. Listed here are Milbank’s preliminary and revised scales for base pay:

  • Class of 2023: $225,000, each pay scales

  • Class of 2022: $235,000, each pay scales

  • Class of 2021: $260,000, each pay scales

  • Class of 2020: $305,000 initially, $310,000 revised

  • Class of 2019: $355,000 initially, $365,000 revised

  • Class of 2018: $380,000 initially, $390,000 revised

  • Class of 2017: $410,000 initially, $420,000 revised

  • Class of 2016, $425,000 initially, $435,000 revised

Milbank first introduced affiliate pay hikes Nov. 7. BigLaw didn’t comply with swimsuit till Cravath, Swaine & Moore introduced that it could match the Milbank scale for junior associates and surpass Milbank for extra skilled associates. Cravath’s scale stopped at $420,000 for the category of 2017.

Between Cravath’s Nov. 28 announcement and Dec. 6, about three dozen legislation corporations, principally in BigLaw, have matched or principally matched the Cravath scale. The main distinction is that some corporations are paying $435,000 to the category of 2016 and extra senior associates.

Above the Legislation is preserving observe of all of the bulletins at this bonus tracker. Its record contains year-end bonuses, that are on a par with final yr’s bonuses. They typically vary from a prorated $15,000 for the category of 2023 to $115,000 for the category of 2016.

See additionally:

“Affiliate pay hikes collect steam after Cravath announcement; which legislation corporations have matched?”