The latest Biglaw salary war is well underway, but the majority of major firms have yet to follow Milbank’s lead on associate compensation increases.
Milbank, widely regarded as the firm that has done more to move Biglaw salaries upward than any other, announced a fresh round of associate pay increases in early June 2026.
The raises range from $10,000 to $20,000 depending on class year, with more senior associates receiving the larger bumps in the new compensation structure.
Summer associates are also set to benefit from the latest pay push, reflecting the broad scope of Milbank’s compensation announcement.
The new pay scale, which starts at $235,000 for first-year associates, becomes effective on July 1, 2026, giving other firms a narrow window to respond.
More than a dozen Biglaw and elite boutique firms have already moved to match the new scale, but most of the traditional Biglaw market remains on the sidelines.
Jeffrey Lowe, a CenterPeak executive and Washington, D.C., market president, offered his view on why so many firms have held back, speaking to the American Lawyer about the hesitation gripping the market.
The delay does not appear to be driven by financial strain, as Biglaw had a very strong 2025 and Am Law 100 figures reflect healthy revenue and profitability across the sector.
The lockstep compensation model that governs most large firms runs on consensus, and few managing partners want to move before Cravath ratifies the new scale and risks a subsequent recalibration.
That dynamic, where Milbank sets the pace and Cravath effectively confirms the new market standard before the rest follow, has defined how salary cascades move through Biglaw for years.
With July 1 fast approaching and no Cravath announcement yet made, the working theory across the market is that holdout firms may not act until after the summer.
Associates at firms still sitting on their hands will be technically behind on pay once the new Milbank scale takes effect, adding pressure on firm leadership to move quickly.
The question now is whether the consensus moment arrives before Labor Day or whether associates spend the bulk of summer 2026 waiting for their employers to catch up.