Skaddenfreude: The Milbank Memo
Apologies for the delay — server problems. Trust us, they’re frustrating us ten times more than they’re frustrating you.
With thanks to the various tipsters who sent it to us (including “Goose”), here’s the memo from Milbank Tweed announcing pay raises for their associates:
MILBANK TWEED HADLEY & McCLOY LLP
From: Wagner, Christine
Sent: Tuesday, January 23, 2007 5:12 PM
To: #Asia Associates All; #DC Associates; #LA Associates; #NY Associates; #LN Associates
Subject: Sent On Behalf Of The Executive Committee
MEMORANDUM TO ASSOCIATES - CLASSES 2006-1999 AND SPECIALS
Re: 2007 Salaries
We are pleased to announce salary adjustments as listed below:
Class of 2006 - $160,000
Class of 2005 - $170,000
Class of 2004 - $185,000
Class of 2003 - $210,000
Class of 2002 - $230,000
Class of 2001 - $250,000
Class of 2000 - $265,000
Class of 1999 - $280,000
These increases are retroactive to January 1, 2007 and will be reflected in February 15 paychecks for those who are in good standing and with us on that date.
2007 salary increases for Specials will be determined on an individual basis this quarter as usual.
We appreciate all your contributions and look forward to another great year.
THE EXECUTIVE COMMITTEE
Milbank
Christine Wagner
Director of Legal Personnel
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
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Comments
Uncle Milbank's generosity knows no bounds. Huzzah.
Is this restricted to the NYC office or, hypothetically, if one were to have a friend doing a 2L summer at Milbank in DC, could he expect his salary to be $160,000. i.e., is he buying beers tonight?
Guess the update answers that. Rolling Rock and Genny Cream Ale for everybody!
"and with us on that date"
Fair enough. Though it's not obvious that clears up the situation for summers/new starters in either direction. Also, what the heck is a Special?
specials are their counsel and senior attorneys.
Where senior attorneys=people they're letting hang around and collect their huge checks but have no chance of becoming partner?
FriendofMilbankSummer - Milbank raises all of its offices together (see the address line of the email memo - it went to all offices), and last summer the summer associate salaries reflected the February '06 bump to 145k.
In other words, you definitely should have made your friend buy beer last night :)