Some law firms match Milbank's $190K starting pay for associates
A few major law firms are jumping on the bandwagon and raising starting pay for new associates to $190,000.
The first law firm to announce pay increases for associates was Milbank, Tweed, Hadley & McCloy. Among the major firms reportedly matching the pay scale is Simpson Thacher & Bartlett, report Above the Law and the New York Law Journal.
Simpson Thacher is also paying a summer bonus to associates, ranging from $5,000 for new associates to $25,000 for more experienced associates, the stories report.
The first firm to match the $190,000 starting salary was California litigation boutique Hueston Hennigan. Next were:
• Proskauer Rose (for associates in Boston, Chicago, Los Angeles, New York and Washington, D.C.)
• Winston & Strawn (for U.S. associates)
• Simpson Thacher & Bartlett
• Chicago boutique Barack Ferrazzano
• Jones Day (for new associates; compensation is not lockstep)
• Irell & Manella
Simpson Thacher did not respond to a request for comment by ABAJournal.com. Proskauer, Winston and Irell & Manella confirmed the pay hikes in emails to ABAJournal.com. Jones Day did not immediately respond to a request for comment.
Above the Law also has updates in this chart.
Milbank is hiking pay by $10,000 for first- through third-year associates, and by $15,000 for fourth- to eighth-year associates. Its new pay scale:
- First year: $190,000
- Second year: $200,000
- Third year: $220,000
- Fourth year: $250,000
- Fifth year: $275,000
- Sixth year: $295,000
- Seventh year: $315,000
- Eighth year: $330,000
Updated at 1:37 p.m. to include additional firms.