Earlier this month, Milbank announced a$10,000 raise in associate salaries along with a match to last year’s year-end bonuses. However, law firms in Washington, D.C., like their counterparts across the nation, are currently holding off on making final decisions, awaiting the moves of their peers, according to legal market observers.
Many are closely observing the potential reactions of heavyweight firms such as Cravath, Swaine & Moore, and Davis Polk & Wardwell. While it is largely expected that D.C.-based firms will eventually match Milbank’s raise, they are not anticipated to be the first movers or “lead the charge” in this case. The legal landscape in D.C. and indeed across the country appears to have fallen into a “wait-and-see mode”.
This posture is influenced by the cross-market trends and largely steered by the decisions of law firms based in New York, which can have a significant impact on firm policies. D.C. firms are expected to take action depending on the course their New York-based peers choose to follow.
For more insights, visit the original story on National Law Journal.