Associate Salary Increases: Don’t Follow Milbank’s Lead

As almost everyone in the legal market now knows, Milbank announced they will be increasing associate salaries. Past events tell us that three things are likely to happen next. First, Above the Law’s gossip machine will be shifted into high gear. David Lat, Joe Patrice and our other friends at Above the Law will ensure a steady stream of leaked compensation memos and stories of disgruntled associates demanding salary increases. Second, many firms will follow Milbank’s lead and announce matching, or at least similar, increases in associate compensation. The third likely event, will be the most interesting. Some firms will choose to not follow Milbank. If enough firms take this path, the tradition of matching salaries will finally break.