As industry observers debate whether the latest round of associate salary increases will indeed extend beyond the realm of elite law firms, historical trends suggest otherwise. Indeed, previous patterns of pay increases paint a picture where numerous law firms, comprising the entirety of the Am Law 100 spectrum, have followed suit and adjusted their compensation accordingly. More on this insight here.
By spring 2023, it was noted that no fewer than 70 law firms, primarily within the Am Law 100, had raised starting salaries to $215,000 or over. This initiative was led by Milbank, which established the benchmark when it raised its own associate pay at the beginning of 2022. Details on Milbank’s pay increase can be found here.
Further information regarding the increasing pressure for law firms to match associate pay raises can be found in the initial article on law.com. Please note that the article requires subscription access.