In response to Milbank’s recent initiative raising associate pay by $10,000, several corporate counsels and industry analysts have been expressing consternation, fearing these increases could result in higher billing rates for legal services. These concerns may drive clients, already weary of billing rate hikes, to outsource more work, retain work in-house, or grudgingly bear the escalated costs.
Notably, the Chairman of Milbank has reassured that these salary hikes would not materially affect future billing rate decisions. Yet, despite these assurances, the circulating apprehension among clients underscores increasing worries over the escalating cost of legal services.
For more detailed insight into this development, consider reading the original report on Law.com.