Well, well, well. That didn’t take too lengthy in any respect.
Earlier today, Milbank reasserted their dominance over the Biglaw compensation market by giving all associates a elevate and pushing first-year compensation to $200,000 — a threshold long hoped for within the trade. As thrilling as that preliminary announcement was, the true query was how shortly the remainder of the market would match (or, if we dared to hope, would come excessive of the usual set by Milbank).
Now now we have our reply.
McDermott confirmed they’d be matching the Milbank scale. That means affiliate salaries on the agency will quickly be as follows:
Remember, that is along with particular bonuses which the agency matched, as well as year-end bonuses. That’s a fairly nifty payday, pandemic or not.
Remember everybody, we rely in your tricks to keep on prime of these items. So when your agency matches, please textual content us (646-820-8477) or email us (topic line: “[Firm Name] Matches Milbank”). Please embody the memo if obtainable. You can take a photograph of the memo and ship it through textual content or e-mail when you don’t wish to ahead the unique PDF or Word file.
And when you’d like to join ATL’s Bonus Alerts (which is the alert checklist we’ll additionally use for ongoing wage bulletins), please scroll down and enter your e-mail deal with within the container beneath this put up. If you beforehand signed up for the bonus alerts, you don’t have to do something. You’ll obtain an e-mail notification inside minutes of every bonus announcement that we publish.
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the very best, so please join together with her. Feel free to e-mail her with any suggestions, questions, or feedback and comply with her on Twitter (@Kathryn1).