Albert Goodwin – The season of reward is upon us and Milbank has announced to the firm pay rises that mean newly qualified lawyers at the firm will take home $225,000 (£183,000).
The firm says it had a “very busy year” and that productivity had materially increased, permitting the increase in payments for the commencement of the bonus season for Big Law firms.
The big law pay scale, which we have reported on regularly here, continues to defy gravity many might say. But it also reflects a profitable time for many law firms – including boutiques – following the pandemic.
The bonuses announced by the law firm were:
The salary and bonus scale is:
Class of 2023: $225,000 base pay and a $15,000 bonus
Class of 2022: $235,000 base pay and a $20,000 bonus
Class of 2021: $260,000 base pay and a $30,000 bonus
Class of 2020: $305,000 base pay and a $57,500 bonus
Class of 2019: $355,000 base pay and a $75,000 bonus
Class of 2018: $380,000 base pay and a $90,000 bonus
Class of 2017: $410,000 base pay and a $105,000 bonus
Class of 2016: $425,000 base pay and a $115,000 bonus
Above the Law was the first to report on the new compensation structure, which ranges from $225,000 for class of 2023 associates to $425,000 to those in the class of 2016.
Above the Law called the raises “a bold move that runs counter to many of the dire predictions folks have been making about the industry.”
Milbank was also the first BigLaw firm to announce raises in January 2022 but increased the amounts to match announcements by other law firms that followed. This is the famed – or infamous – Cravath Scale that firms on both sides of the Atlantic have followed in recent times. Their pay scale did not change in 2023.