Ratcheting up market pressure on associate compensation, Milbank, Tweed, Hadley & McCloy announced Monday that it will increase its associate salaries across the board by $10,000 or $15,000.

Under the changes, effective July 1 this year, associates in their first, second and third years will see an increase of $10,000, meaning starting salaries at Milbank will be $190,000. Associates in their fourth through eighth years will receive $15,000 more, meaning eighth-year compensation will be set at $330,000. Here are the new salaries for all classes:

  • 1st year  — $190,000
  • 2nd year — $200,000
  • 3rd year  — $220,000
  • 4th year — $250,000
  • 5th year — $275,000
  • 6th year — $295,000
  • 7th year — $315,000
  • 8th year — $330,000

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