We Have Our First Match Of The New Biglaw Compensation Scale
The Biglaw market is responding to Milbank's big news as expected.
Well, well, well. That didn’t take too long at all.
Earlier today, Milbank reasserted their dominance over the Biglaw compensation market by giving all associates a raise and pushing first-year compensation to $200,000 — a threshold long hoped for in the industry. As exciting as that initial announcement was, the real question was how quickly the rest of the market would match (or, if we dared to hope, would come over the top of the standard set by Milbank).
Now we have our answer.
Not All Legal AI Is Created Equal
McDermott confirmed they’d be matching the Milbank scale. That means associate salaries at the firm will soon be as follows:
Class Salary
2020 $200,000
2019 $210,000
2018 $230,000
Sponsored
How To Build And Manage Your Law Firm Rate Sheet
A Law Firm Checklist For Successful Transaction Management
Trust The Process: How To Build And Manage Workflows In Law Firms
How Savvy Lawyers Build Their Law Firm Rate Sheet
2017 $270,000
2016 $295,000
2015 $320,000
2014 $340,000
2013 $355,000
Sponsored
How Savvy Lawyers Build Their Law Firm Rate Sheet
Not All Legal AI Is Created Equal
Remember, this is in addition to special bonuses which the firm matched, as well as year-end bonuses. That’s a pretty nifty payday, pandemic or not.
Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Milbank”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
