Well, well, well. That didn’t take too long at all.
Earlier today Milbank reasserted their dominance over the Biglaw compensation market by giving all associates a raise and pushing first year compensation to $200,000 — a threshold long hoped for in the industry. As exciting as that initial announcement was, the real question was how quickly the rest of the market would match (or, if we dared to hope, would come over the top of the standard set by Milbank).
Now we have our answer.
McDermott confirmed they’d be matching the Milbank scale. That means associate salaries at the firm will soon be as follows:
Class Salary
2020 $200,000
2019 $210,000
2018 $230,000
2017 $270,000
2016 $295,000
2015 $320,000
2014 $340,000
2013 $355,000
Remember, this is in addition to special bonuses which the firm matched, as well as year end bonuses. That’s a pretty nifty payday, pandemic or not.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).