Milbank, the primary regulation agency to lift affiliate pay in 2018, makes a brand new transfer; will others match?
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Milbank, the regulation agency that was first to raise affiliate pay in 2018, introduced Thursday that it’s elevating pay for first-year associates to $200,000.
Milbank is elevating affiliate pay for all lessons, paying $355,000 to essentially the most skilled associates. The pay bumps vary from $10,000 for associates with much less experience and $15,000 for others, report Above the Law, Law.com and Bloomberg Law.
“Congrats, Milbank associates!” wrote Above the Law. “Now let’s see which firms match!”
One regulation agency—McDermott Will & Emery—was fast to match with a Thursday announcement, Law.com stories.
Another agency—Cadwalader, Wickersham & Taft—additionally introduced that it was matching the pay scale Thursday, Above the Law stories.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo can be matching, Law.com reported Thursday.
Here is Milbank’s new scale, which takes impact July 1:
• Class of 2021 and 2020: $200,000
• Class of 2019: $210,000
• Class of 2018: $230,000
• Class of 2017: $270,000
• Class of 2016: $295,000
• Class of 2015: $320,000
• Class of 2014: $340,000
• Class of 2013: $355,000
Scott Edelman, Milbank chair, informed Law.com that the raises are along with particular and year-end bonuses for associates.
“We recognize there have been a lot of bonuses paid, based on the success that we and other firms are having, but we thought it would be an opportune time to recognize the associates,” he informed Law.com. “It’s a modest raise, and we thought it would be nice to have Milbank’s associates feel like they were on the front edge.”
Bloomberg Law identified that Milbank’s choice comes as some corporations are competing for talent, notably in transactional practices.
Many corporations are paying particular bonuses this year that vary from $12,000 to $64,000, primarily based on class 12 months. Year-end bonuses final 12 months typically ranged from $15,000 to $100,000, primarily based on class 12 months.