It’s been a long, quiet summer for Biglaw associate raises, with only a handful of firms matching Milbank’s new salary scale. At long last, we’ve got another match — but only for associates in New York.
Ice Miller just announced a significant associate salary increase for lawyers in its Manhattan office, bringing compensation “in line with the top of the New York market.” The firm didn’t spell out the numbers in its announcement, but that sure sounds like a match for Milbank’s new market scale, which starts at $235,000 for first-year associates.
There is, however, one important catch: the new salary scale won’t take effect until January 1, 2027.
Given the glacial pace of this year’s salary wars, that may actually be some pretty savvy timing.
Milbank kicked off the latest round of associate raises back in June, and while several firms quickly matched, most of Biglaw has spent the summer doing approximately nothing. Ice Miller, meanwhile, has several months before it actually has to start cutting bigger checks to its New York associates, and it seems pretty safe to assume that by January, the rest of Biglaw will have finally gotten on board with the new scale. (Right, Cravath?)
For Ice Miller, bringing its New York associates up to market is also part of a broader push to build out its presence in the city, particularly in private equity, M&A, and private credit. New York Office Managing Partner Chase Stuart had this to say:
“Our private equity and private credit practices have grown substantially over the last five years, both in the sophistication of the work and the strength of our client relationships. We offer associates the opportunity to work on complex transactions and work with experienced partners who are heavily invested in their success and growth. Increasing associate compensation reinforces our commitment to building a premier destination for talented transactional lawyers in New York.”
If you’re trying to compete for transactional talent in New York, paying New York market salaries certainly helps.
Congratulations to Ice Miller’s New York associates on the raises. They may have to wait until January to see the money, but considering how slowly the rest of Biglaw is moving, the firm may have just skipped ahead to the ending of this salary war.
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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.