Davis Polk, Cravath Match Milbank’s $225K Associate Salaries in 2026
Milbank and other BigLaw firms raised first-year associate salaries to $225,000 this summer.
Why it matters: Associate compensation trends drive talent recruitment and retention strategies at major law firms. Staying competitive on pay directly influences firm economics and associates’ career decisions.
- Milbank set a new first-year associate salary scale at $225,000 in June 2026.
- Davis Polk & Wardwell and Cravath, Swaine & Moore have matched Milbank’s new salary scale.
- Salary increases took effect July 1, 2026.
In June 2026, Milbank announced a significant raise to first-year associate salaries, setting the new scale at $225,000. This move immediately set a new market benchmark for BigLaw compensation, signaling a shift in how firms attract and retain top legal talent. The announcement and ensuing adjustments have intensified the traditional salary competition among leading law firms.
Following Milbank’s lead, firms such as Davis Polk & Wardwell and Cravath, Swaine & Moore publicly committed to matching the $225,000 starting salary for first-year associates. A managing partner at Davis Polk confirmed the firm’s alignment with Milbank’s compensation schedule, effective July 1, 2026.
These salary changes reflect the broader economic and competitive pressures within the legal sector: securing top-tier law graduates requires firms to offer increasingly attractive compensation packages. While detailed impacts on recruitment and firm economics remain to be fully assessed, it is clear that this wage race among elite law firms is shaping market dynamics heading into the second half of 2026.
As more salary data becomes available, the industry will watch closely to see if other firms follow suit or seek alternative incentives to compete for talent.
By the numbers:
- $225,000 — first-year associate salary at Milbank and matched firms
- July 1, 2026 — effective date of updated associate salary scales
What's next: Industry monitoring ongoing for further salary updates from other major firms this summer and fall of 2026.