Law Firms Aren't Just Giving Raises. They're Investing in the Future.
No matter who leads and who follows, the message is clear: Young talent is worth investing in, and proven young talent is worth even more.
February 24, 2022 at 03:14 PM
7 minute read
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|The Shift: Law Firms Aren't Just Giving Raises. They're Investing in the Future.
It's been over a month since Milbank kicked off another round of associate salary increases across Big Law. And finally, this week, the industry heard a much-anticipated response from Davis Polk & Wardwell, the firm that has made a habit of one-upping market leaders in the associate salary and bonus wars.
Davis Polk announced a payscale that matches Milbank for first- through third-year associates, starting at $215,000. But for fourth-years and up, the firm announced slightly larger raises, about 3% greater than what Milbank had set. Several West Coast-based Big Law firms made a similar decision last week, when they said they would give larger pay bumps for more experienced associates. Soon after Davis Polk's announcement, more firms followed suit.
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