Fried Frank Harris Shriver & Jacobson said Friday it’s increasing its associate salaries to match the new scale announced by Milbank.
The firm will increase the base salary for first year associates by $10,000 to $215,000, according to a memo by Fried Frank chair David Greenwald viewed by Bloomberg Law. Midlevel and senior associates’ salaries will grow by $20,000, with most senior associates’ salaries reaching $385,000, the memo said.
The increases apply to firm associates in New York, Washington and London and will be applied retroactively to Jan. 1.
Milbank’s announcement Thursday reflects a hyper competitive market to attract and retain the industry’s top young talent.
On the heels of that announcement, Cadwalader Wickersham & Taft and McDermott Will & Emery said they would also be matching the new salary scale.
Goodwin Procter also announced late Friday that it would match Milbank’s new scale for its U.S. and Hong Kong associates, according to a memo viewed by Bloomberg Law. The firm noted that the increase would be retroactive to Jan.1 and applied in February.
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