Big Law’s associate compensation dominoes continued falling Thursday, as several large law firms rallied to the pay-raise game, matching the latest pay scale and year-end bonuses.

Yet the three-week delay between Milbank’s initial pay-raise announcement and Cravath’s scale-shifting counter still sticks out, some analysts said, illustrating the industry’s relatively lower demand environment in 2023, as well as increasing stratification at the top of the Am Law charts and a more limited trickle-down to the Second 50 and Second Hundred.

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