Ed. note: Welcome to our daily feature, Quote of the Day.
Milbank’s decision to raise salaries as opposed to giving another bonus has a far bigger impact because it impacts so many associates over the long run. The bonus is really, theoretically, meant for exceptional years—this is going to be more impactful than any bonus would have been.
— Stephanie Biderman, an associate recruiter for Major Lindsey & Africa, in comments given to the American Lawyer, concerning the impact of Milbank’s decision to raise associate salaries, rather than hand out a one-time special bonus. Milbank’s raise was quickly adopted by McDermott, Hueston Hennigan, VKHH, Quinn Emanuel, and Katten.
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.