Full Breakdown
Milbank’s $235 K Associate Salary Scale Triggers a 2026 Biglaw Compensation Race
6/6/2026, 12:47:22 PM
Milbank’s Salary Scale Sparks Industry-Wide Raises
On 2 June 2026 Milbank announced a new associate compensation grid that raises first-year associate pay to $235 000 and senior associate pay to $455 000. The increase, effective 1 July 2026, was quickly followed by matching moves from other large U.S. firms and by parallel adjustments for their London offices.
Background: From the Cravath Benchmark to Milbank’s New Scale
Historically the “Cravath scale” set the benchmark for Biglaw associate salaries. Recent hikes have shifted that role to Milbank, whose June announcement re-defined the market baseline and prompted a cascade of comparable raises.
Firms Joining the Race
- Quinn Emanuel Urquhart & Sullivan – added $10 000 for junior and $20 000 for senior associates in the U.S. and a 5 % across-the-board increase for London associates.
- Katten Muchin Rosenman – adopted the Milbank grid for most associates, capping senior associate pay at $440 000 (below Milbank’s $455 000 top).
- McDermott Will & Schulte – confirmed matching Milbank’s U.S. and UK tables, though it declined to disclose the exact pound-to-dollar conversion.
- Other firms – numerous boutique and “Biglaw” firms have announced seasonal bonuses and incremental raises aligned with Milbank’s scale.
Compensation Numbers
- Milbank (U.S.): $235 k (NQ) -> $455 k (8 PQE).
- Milbank (London): NQ salaries roughly £175 k; trainee pay raised to £70 k (first year) and £75 k (second year).
- Quinn Emanuel (London): NQ £189 k (up 5 %); 7-year PQE £373 k, exceeding Milbank’s converted rates by 20-35 % at mid-levels.
- Katten: senior associate salary $440 k, below Milbank’s top tier.
- McDermott: matched Milbank’s U.S. and UK tables; revenue $912.3 m in 2025 (Am Law 100 rank 66).
Market Implications
The coordinated salary lifts intensify competition for litigation talent across the Atlantic, pressuring UK “Magic Circle” firms—whose NQ salaries sit at £150 k—to reconsider their pay structures. Mid-level and senior associates may experience relative compression, potentially prompting migration toward firms offering higher base pay or bonuses.
Official Statements & Responses
Quinn Emanuel’s co-managing partner Michael Carlinsky said the raises reward the “great work, contributions, and sacrifices” of associates and support a projected record-setting year. Katten chairman Gil Soffer framed the move as an investment to keep the firm “highly competitive in attracting and retaining the industry’s top talent.” Quinn Emanuel’s London senior partner Richard East emphasized maintaining an independent salary scale to retain top litigation talent in London. McDermott’s London managing partner Aymen Mahmoud highlighted the firm’s growth, culture, and belief in its people as drivers of the compensation decision. Ria Karnik, managing director at Major Lindsey & Africa, warned that the pay increases could “up the ante on the [UK] Magic Circle” and trigger a broader NQ pay war.
Criticism & Opposition
Commentators note that mid-level associate pay gaps may breed resentment, especially where senior associates receive lower base salaries than peers at competing firms. London-based Magic Circle partners have expressed concern that the new U.S.-driven scale could widen the disparity between their compensation and that of U.S. firms operating in the City.
Conflicting Reports & Gaps
Milbank has not disclosed the exact conversion rate used for its London salaries, and McDermott declined to reveal its own rate, leaving the precise pound-to-dollar equivalence unclear. Katten’s senior associate salary deviates from Milbank’s top tier, creating an internal inconsistency not explained in public statements. Bonus structures for many firms remain unannounced.
Verbatim Quotes
- “having another very strong year. I expect it’ll be another record-setting year coming on the back of three in a row and that success is a major function of our associates and the great work, the contributions, the sacrifices that they make,” — Michael Carlinsky, Co-Managing Partner, Quinn Emanuel
- “This investment reflects our commitment to recognizing and rewarding the talent, dedication and contributions of our attorneys while ensuring that Katten remains highly competitive in attracting and retaining the industry’s top talent.” — Gil Soffer, Chairman, Katten Muchin Rosenman
- “We maintain our own salary scale in this marketplace and pay people in pounds sterling, but our aim is to retain the top litigation talent in London,” — Richard East, London Senior Partner, Quinn Emanuel
- “London has had an exceptional period of growth and our associates have been a huge part of that. McDermott remains very clear on our ambition, investment and belief in our people and our commitment to their futures.” — Aymen Mahmoud, Managing Partner, McDermott Will & Schulte (London)
- “This move will also up the ante on the [UK] Magic Circle,” — Ria Karnik, Managing Director, Associate Practice Group, Major Lindsey & Africa
What’s Next
Analysts anticipate that additional U.S. firms will announce matching raises, potentially extending the pay war to other jurisdictions. Monitoring of forthcoming bonus announcements and any revisions to senior associate salary caps will indicate whether the market moves toward a new equilibrium or further escalation.
