Are you on the fast-track to Big Law? Perhaps you’re a 3L at Columbia Law School, which sends more grads to Big Law firms than any other law school?
We can see you smiling from here …
Big Law firms are in something of salary-bump war at the moment. It started with Milibank, which announced last week that first-year associate pay would climb to $200,000, from the previous $190,000.
That was the first raise since 2018 — until it wasn’t.
Davis Polk & Wardwel followed that hike with one that pays 2020 grads $205,000 and 2021 grads $202,500.
Other Big Law firms are following Davis Polk.
The reason is that competition for top talent is increasing, and Big Law is seeing a spike in business even during the pandemic.
Senior associates are really banking it. Their salaries are rising from $340,000 to $355,000.
“Our associates have been working harder than ever, and it has been three years since we increased salaries,” said Milbank chairman Scott Edelman in a statement to Bloomberg Law. “We thought it made sense to recognize their efforts with a salary increase.”
Yes, that’s the catch. You’ll be working a lot …
