Today is July 16. Forty-four days have passed since Milbank announced that it would be raising associate salaries by $10,000 to $20,000, based on class year. Outside of a few early movers, much of Biglaw has spent the last six weeks pretending Milbank never made the announcement. Boutique firms, on the other hand, have really stepped up, awarding raises left and right. But what’s going on with Biglaw?
This isn’t exactly a mystery. Many of the industry’s largest firms are waiting for Cravath. We’ve played this waiting game before when it comes to compensation, but this is getting to be a bit much. Historically, Cravath hasn’t made firms wait this long. Three weeks has generally been the outer edge of the firm’s delay before weighing in on salary increases. To that end, in 2023, Milbank announced raises on November 7, and Cravath responded on November 28. This year? We’re now sitting at six weeks… and counting.
How much longer is Cravath going to keep the rest of the market waiting?
Nobody actually believes these raises aren’t coming. The industry’s most profitable firms aren’t going to let Milbank permanently outflank them on compensation. Associates know it. Recruiters know it. Partners know it. Everyone knows it. So why keep everyone twisting in the wind?
The longer this drags on, the stranger it becomes. Is any firm willing to announce raises without Cravath’s blessing?
Until Cravath makes its move, it looks like much of Biglaw will continue sitting on the sidelines. The longer the silence drags on, the more absurd the waiting game becomes.
As always, if your firm announces raises, send us the memo. We’d love to report on something other than silence.
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”). 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.
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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.