Prime Highlights
- Milbank increased associate salaries, with pay reaching up to $455,000 for senior associates.
- McDermott Will & Schulte matched the new pay scale, raising expectations of wider salary increases across the legal industry.
Key Facts
- Milbank is an international law firm known for corporate, litigation and financial legal services.
- Law firm revenue grew by an average of 12.6% in 2025, while equity partner profits increased by 15.5%
Background
Milbank has increased salaries for its associates, a move that could prompt other major U.S. law firms to follow with similar pay raises as competition for legal talent remains strong.
The new salary structure raises pay across associate levels, with first-year lawyers earning $235,000 and senior associates receiving up to $455,000. The changes will take effect in July.
The salary increase follows a year of strong financial results for major law firms. Industry growth has been supported by higher client demand, increased billing rates and strong revenue generation across major firms. The improved business environment has allowed many firms to invest in talent while maintaining healthy profit levels.
Milbank Chairman Scott Edelman said the firm had experienced high levels of activity during the first five months of the year and expected strong demand to continue through the remainder of the year. The company said the salary increase reflects confidence in its business outlook and ongoing workload.
Soon after the announcement, McDermott Will & Schulte said it would match the new salary scale, signalling that other firms may also adjust compensation to remain competitive in the legal market.
Industry data showed law firm revenue increased by an average of 12.6% in 2025, while profits earned by equity partners rose by 15.5%. Law firms raised billing rates further, helping improve earnings. The salary changes point to healthy industry growth and strong demand for legal talent.
