Milbank law firm salary for first-year associate raised to $190,000

Some lines of work pay more than others. While Americans have largely seen lackluster wage growth during the past year, the roughly 500 associates laboring at Milbank, Tweed, Hadley & McCloy just drew a large bump in pay, putting the law firm at the top of the legal heap in terms of salaries paid to attorneys just starting out.

A spokesperson for the 690-lawyer firm confirmed that it is hiking associate salaries by $10,000 to $15,000, bringing a first-year associate's salary to $190,000. A second-year associate at the firm will now make $200,000, while an eight-year associate will pull in $330,000. 

The prior high mark had been set two years ago by Cravath, Swaine & Moore, which upped starting pay by $20,000 to $180,000, an industry standard that was quickly matched by Milbank and multiple other firms.

"Two years have now gone by, and there is cost-of-living increases and inflation," Scott Edelman, chairman of Milbank, said in an interview with the American Lawyer. The firm wanted to "set fair, market-leading compensation," he added.

The pay hike at one of New York's most prestigious litigators would not have a "material impact" on its finances, Edelman noted, telling the industry publication: "if we didn't do this at some point" another firm would.

The law firm's gross revenue increased 7.1 percent to $916.5 million in 2016, according to the American Lawyer.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.