Associates at Goodwin, a Top 20 Am Law firm, will not see their new Milbank-scale base salaries until January 1, 2027, despite the announcement arriving well before Thanksgiving.
The firm confirmed on Tuesday it is matching the Milbank pay scale for US associates, a benchmark that Milbank itself established back in June of this year.
That six-month gap between Milbank’s original announcement and Goodwin’s adoption places the firm among a growing number of large practices playing catch-up on compensation.
Goodwin is not alone in pairing a Milbank-scale commitment with a delayed implementation date, as Ice Miller made the same move, also pushing the salary increase to 2027.
For associates watching their pay stubs in the near term, the more immediate headline is the bonus structure, which includes both class-year bonuses and special bonuses.
Combined, those payments can reach as much as $140,000, offering a meaningful cash injection ahead of the salary changes taking effect in the new year.
The timing of the announcement itself is notable, given that Goodwin only last year broke with its traditional January schedule by moving bonus news to mid-December.
This cycle, the firm has accelerated that calendar further still, delivering the compensation update to associates before the Thanksgiving holiday period even begins.
The broader context is a legal market where Milbank’s June move triggered a wave of matching decisions across major firms, putting pressure on rivals to respond or risk losing lateral talent.
Firms that delay the salary component while paying immediate bonuses are effectively managing cash flow while signalling long-term commitment to competitive compensation structures.
Whether associates view the 2027 salary date as an acceptable trade-off for the immediate bonus opportunity will likely depend on individual financial circumstances and how quickly competitors continue to move.
What is clear is that Goodwin has staked out its position in the market earlier than in previous years, giving associates more time to factor the figures into their planning for the year ahead.