In 2016, Cravath, Swaine & Moore raised base salaries for first-year associates to $180,000. Quickly, many law firms (large and midsize alike) followed. In 2017, the dust seemed to settle. But, this summer, when Milbank, Tweed, Hadley & McCloy increased base first-year associate pay to $190,000, a new round of “salary wars” ensued. Pay raises bring immediate celebration for associates, but unintended consequences follow, and the sustainability of an ever-shifting market seems questionable. Firms ought to consider the impact these pay increases have on clients and associates, while also considering other benefits that might create more sustainable careers and more invested associates.
The Benefits of Pay Raises
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