Some elite firms that typically compete at the top of the market are likely to raise associate salaries after Milbank increased its pay scale on Tuesday, but on the whole, there’s more reluctance in the market this year for wholesale market matching, recruiters and industry observers say. 

On Tuesday, Milbank said it would give associates in each class a $10,000 raise in 2024, with the most junior class making $225,000. The firm said it will keep the year-end bonus scale in line with last year’s, ranging from $15,000 to $115,000.