Milbank has announced a round of associate pay increases, in a move that will likely set off a wave of similar hikes by other Big Law firms.
The New York firm announced on Tuesday it was handing out raises of $10k to $20k depending on seniority, taking pay to $235k for first-year associates and up to $455k for eighth-year associates. The increases, first reported by the legal news outlet Above The Law, take effect on 1 July.
"We have been very busy across the entire firm over the first five months of the year and expect that the high levels of activity will continue for the remainder of the year," Milbank chairman Scott Edelman said in an internal firm memo reported by Reuters.
The firm's average profits per equity partner reached just over $7.6m in 2025, according to data published by law.com.
McDermott Will & Schulte was the first to say it would match Milbank's new scale, with firm chairman Ira Coleman saying on Tuesday in a separate internal memo viewed by GLP that "our goal is to be the best career accelerant in our profession."
Milbank has developed a reputation as Big Law’s first mover when it comes to associate salaries, having kicked off the modern salary races back in 2016 and been the first to hike pay several times over the following years, including the last round of increases in late 2023.
The firm rolled out associate summer bonuses last August, with extra pay of between $6k and $25k, though the fact it is now boosting salaries for the first time in a few years points to a longer-term investment to retain junior talent and a more positive outlook.
Milbank's raises follows large law firms posting strong financial results in 2025. Revenue grew by 12.6% on average, while net income earned by equity partners increased by 15.5% according to data from Wells Fargo's Legal Specialty Group. Meanwhile hourly rates increased by 9.6%.
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