Amid one of the most competitive associate markets in recent memory, Milbank is raising wages for its associates by $10,000 and up to $15,000.
Biglaw compensation is through the roof right now. It's easy to get lost in all the talk of special bonuses, which are generally paid twice during spring and fall, but turns out that was only a tiny part of what they have planned for their elite employees!
This morning, Milbank announced that they are awarding all associates with a salary increase. The new wage ranges from $10k to $15K and is based on the associate's years of experience in the firm. This move comes as a great relief for those working at this company because there will be more money coming their way next year too!
The firm announced the pay raises Thursday, including a $10,000 increase for first-year associates to make their starting salary worth an astounding 200 grand. Fourth years and up will also see increases of at least 15 thousand dollars, reaching 355 grand as senior counsel. The higher wages were met with applause from employees who have been speculating about high turnover rates in recent months due to low salaries.
Milbank is always the first to raise salaries and they don't seem like they are going to stop anytime soon.
“Our associates have been working harder than ever, and it has been three years since we increased salaries. We thought it made sense to recognize their efforts with a salary increase.”
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