All articles tagged with #salary raises
Milbank announces global special bonuses up to $25,000 for all associates and special counsel, on top of earlier June salary raises; bonuses are payable by August 31, 2026, signaling pressure for other BigLaw firms to match in the near term.
Boutique law firm Massumi + Consoli LLP in Los Angeles has announced salary raises for its associates, with compensation equal to or greater than what larger law firms offer. The firm also offers a Growth Participation Program, adding additional cash to associates' compensation. The new salary grid will take effect from January 1, 2024.
Following Cravath's announcement of salary raises and bonuses, many Biglaw firms have matched their compensation scale, but others have remained silent. Jeff Lowe of Jeffrey Lowe Partners predicts that there may be more surprises in the coming weeks as firms compete with each other. He expects at least the top 50 firms and possibly further into the top 100 to match Cravath's scale, but notes that as you move down the Am Law 100, there is less money available for compensation.
Elite Biglaw firms are likely to match Milbank's recent salary raise for associates, with some potentially going even higher. While it is not necessary for other firms to raise compensation in the absence of other firms doing so, legal analysts believe that at least the top 25 Am Law firms will follow suit. The decision of one firm to match Milbank's raise often leads to a domino effect across the industry.
New York City Mayor Eric Adams and the United Federation of Teachers (UFT) have reached a tentative five-year agreement that includes significant salary raises for newly hired teachers and a major expansion of remote learning. The deal guarantees raises of 17.58% to 20.42% by 2026, including compounded wage increases and bonuses. The starting salary for new teachers would be $72,349, including bonuses, by the end of the proposed agreement, up from the current $61,070 floor. The deal is retroactive to September 2021 and provides for 3% raises for the first three years and a 3.25% bonus in the final two years.