Milbank Raises Salaries to $235K, McDermott Matches Promptly
Milbank raised associate salaries to $235K–$455K starting July 1, 2026; McDermott matched.
Why it matters: Rising BigLaw salaries directly impact recruitment and retention strategies across the industry. Firms must respond quickly to stay competitive in talent acquisition.
- Milbank announced salary increases on June 15, 2026, raising pay by $10K–$20K effective July 1, 2026.
- McDermott Will & Emery swiftly matched Milbank’s new scale, offering $235K to $455K for associates.
- Cravath’s previous benchmark ranged from $225K for first-years to $435K for eighth-years.
- This pay escalation marks an accelerated phase of competitive salary adjustments in BigLaw.
On June 15, 2026, Milbank LLP announced it would increase associate salaries by $10,000 to $20,000 depending on seniority, effective July 1, 2026, according to Above the Law. First-year associates will now earn $235,000, while eighth-year associates will make $455,000, surpassing the prior Cravath salary scale which ranged from $225,000 to $435,000.
Shortly after Milbank’s announcement, McDermott Will & Emery matched the new salary scale, confirming the swift reaction Top Tier firms have when pay increases occur. Above the Law highlighted how these moves officially signal an escalation in BigLaw salary competition.
This salary adjustment cycle reflects continued strong financial performance across major firms, enabling them to offer higher pay to secure top legal talent amid intensified recruiting pressures. For years, the Cravath scale has served as the benchmark for BigLaw compensation. Milbank’s revision resets the standard, prompting swift matching from peers to maintain competitive positioning.
Other firms have yet to announce responses, but the trend indicates a rapid escalation in salary increases. Law firms that delay adopting higher pay scales risk losing associates to competitors offering better compensation. As a result, legal professionals and law firm leaders should anticipate continued salary revisions throughout 2026.
By the numbers:
- $235,000 — Milbank’s new first-year associate salary starting July 1, 2026
- $455,000 — Milbank and McDermott’s new salary for eighth-year associates
- June 15, 2026 — Date Milbank announced salary increases
Yes, but: While Milbank and McDermott have matched new salary scales, other major firms have not yet confirmed adjustments, leaving some uncertainty about the broader market impact.
What's next: Expect additional announcements from other BigLaw firms throughout 2026 as the salary competition intensifies.