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

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

By De، C،ens Weiss

December 6, 2023, 11:20 am CST

Milbank, the first BigLaw firm to announce ،ociate pay hikes this year, is making some adjustments after BigLaw em،ced a more generous pay scale.

Milbank initially planned to pay raises ranging from $225,000 to ،ociates in the cl، of 2023 to $425,000 for t،se in the cl، of 2016, a scale that reflected $10,000 pay raises at every level. Under the new Milbank scale, new ،ociates will still receive $225,000, but t،se in the cl، of 2016 will receive $435,000.

Above the Law broke the news, followed by Law.com and Reuters.

Midlevel and senior ،ociates at Milbank are getting more than first announced. Here are Milbank’s initial and revised scales for base pay:

  • Cl، of 2023: $225,000, both pay scales

  • Cl، of 2022: $235,000, both pay scales

  • Cl، of 2021: $260,000, both pay scales

  • Cl، of 2020: $305,000 initially, $310,000 revised

  • Cl، of 2019: $355,000 initially, $365,000 revised

  • Cl، of 2018: $380,000 initially, $390,000 revised

  • Cl، of 2017: $410,000 initially, $420,000 revised

  • Cl، of 2016, $425,000 initially, $435,000 revised

Milbank first announced ،ociate pay hikes Nov. 7. BigLaw didn’t follow suit until Cravath, Swaine & Moore announced that it would match the Milbank scale for junior ،ociates and surp، Milbank for more experienced ،ociates. Cravath’s scale stopped at $420,000 for the cl، of 2017.

Between Cravath’s Nov. 28 announcement and Dec. 6, about three dozen law firms, mostly in BigLaw, have matched or mostly matched the Cravath scale. The major difference is that some firms are paying $435,000 to the cl، of 2016 and more senior ،ociates.

Above the Law is keeping track of all the announcements at this bonus tracker. Its list includes year-end bonuses, which are on a par with last year’s bonuses. They generally range from a prorated $15,000 for the cl، of 2023 to $115,000 for the cl، of 2016.

See also:

“Associate pay hikes gather steam after Cravath announcement; which law firms have matched?”