In some surprising comments, unnamed leaders of prestigious law firms in the Am Law 50 and Am Law Second 50 have voiced their criticism of Milbank’s decision to raise its associate salary scale. This move comes despite a year of decreased demand for legal services.
“It’s tone deaf.”, says an anonymous leader of an Am Law 50 firm in a conversation with the American Lawyer, describing Milbank’s decision as akin to flaunting wealth during an economic downturn.
Adding insult to injury, Milbank’s move potentially puts pressure on other associates up the chain within the firm, as well as placing an increased workload on so-called “kids”. The firm leader said, “All we’re doing is continuing to put targets on these kids’ backs. Increasing salaries… causes them to increase salaries up the chain [and] increase billable hours for them. I just think they’re taking this pound of flesh out of them.”
From their perspective, the recent salary increase appears to be less about rewarding talent and commitment, and more about putting additional burdens on already overworked associates.
Despite these criticisms, there’s no doubt that Milbank’s move has certainly stirred up conversation in the legal industry. Perhaps these detractors are simply outliers, or perhaps we are seeing the start of a broader wave of backlash against pay increases in an economy that’s yet showing the full impacts of the past year.
As always, the bigger question remains – how will the rest of the legal industry respond in kind?
Link to the original story: Above the Law