Milbank is upping salaries for its associates globally amid a hypercompetitive market for the legal industry’s young talent, and at least one Wall Street competitor, Cadwalader, Wickersham & Taft, has already matched.
Milbank confirmed Thursday that first-year associates will receive a $10,000 salary increase, bumping their starting pay from $190,000 to $200,000. Second and third years will also see $10,000 increases in their pay.
Fourth-year associates and above will see their salaries increase by $15,000, with its most senior associates’ total salaries reaching $355,000, according to the firm. The new salary scale will take effect July 1.
Cadwalader matched the ...