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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