Milbank launched the 2026 associate salary wars back on June 2, setting a new compensation benchmark that most of the Biglaw market has simply ignored.
A small number of firms matched the new salary scale almost immediately, demonstrating that independent pay decisions are at least theoretically possible without waiting for a signal from above.
Then, in late July, Milbank escalated further by announcing special bonuses, raising the stakes once again for firms that had already chosen to sit on their hands.
The silence that followed was, by any reasonable measure, even more pronounced than the muted response to the original salary increase in June.
Cravath has not matched either the salary scale or the special bonuses, and the overwhelming majority of the Biglaw market remains frozen in place as a result.
For years, the pattern has been consistent: Milbank moves, the industry waits for Cravath, Cravath matches, and everyone else falls into line with minimal delay or deliberation.
These are firms that regularly advise Fortune 500 companies on billion-dollar transactions and litigate cases with existential consequences for their clients, yet they appear unable to set associate pay without outside permission.
As one industry observer put it, compensation season has a way of turning even the most self-styled strategic leaders into nervous participants waiting to see who raises their hand first.
Milbank has now offered the market two separate and distinct opportunities to demonstrate some degree of independence, and the overwhelming majority of Biglaw firms have declined both invitations.
If firms already know they are going to match the new scale, which history strongly suggests is the most likely outcome, there is no obvious strategic benefit to prolonging the wait for associates.
Labor Day is now only a few weeks away, and the prospect of associates waiting until September or beyond for a resolution is no longer the remote scenario it appeared to be back in June.
The argument being made by those watching this situation closely is straightforward: Biglaw does not need Cravath’s permission to make a compensation decision, it simply needs a firm willing to act first.