The latest round of Biglaw associate salary increases has been unusually quiet this summer, with only a handful of firms matching Milbank’s elevated scale. Ice Miller has now joined the fray but with conditions – it is only for its New York associates, and the higher paychecks won’t arrive until next year.
The firm announced a significant salary increase for lawyers in its Manhattan office, bringing compensation “in line with the top of the New York market.” While Ice Miller did not publish the full scale, the move is understood to match Milbank’s new market rates, which begin at $235,000 for first-year associates.
According to an update shared by Chase Stuart, New York Office Managing Partner, (pictured) the firm has matched the Milbank scale for first- and second-year attorneys. It has also made significant increases across the broader associate salary structure, taking a customized approach at other levels that reflects its client base and overall compensation model.
the new scale takes effect on January 1, 2027.
Given how slowly this year’s salary adjustments have moved across Biglaw, the delayed start may prove strategically timed. By the time the raises land, more firms are expected to have followed suit.
Expanding in New York
The compensation move forms part of Ice Miller’s broader effort to strengthen its New York presence, particularly in private equity, M&A, and private credit.
Stuart stated:
“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.”
Paying New York market rates is a clear signal of intent in a competitive market for transactional talent.
About Ice Miller
Ice Miller LLP is a full-service U.S. law firm founded in 1910 in Indianapolis. It now has more than 350 lawyers and legal professionals across offices that include Indianapolis (headquarters), Chicago, Columbus, Cleveland, New York, Philadelphia, Baltimore, Washington, D.C., and Wilmington.
The firm advises private equity and venture capital funds, large private and emerging-growth companies, Fortune 500 corporations, municipal entities, family offices, and nonprofits. Its practices span private equity and M&A, public finance, litigation, employee benefits, labor and employment, real estate, and more. In recent years it has closed more than 1,500 transactions valued at over $60 billion.
The firm positions itself as a firm combining its Midwestern roots with a growing national platform, bringing cross-office teams to complex matters for clients seeking practical, business-focused counsel. More information is available on the firm’s About Us page and its main site at icemiller.com.
Congratulations to Ice Miller’s New York associates on the forthcoming increases. While they will wait until January 2027 to see the higher pay, the firm appears to have timed its entry into the current salary cycle with an eye on the eventual market consensus.
Original reporting and details first appeared on Above the Law.
