Milbank Sets New Market Floor: First-Year Associates at $235K Effective July 1

Milbank reset the BigLaw associate salary scale in June 2026, raising base pay by $10,000–$20,000 depending on seniority — the first scale increase since 2023 — effective July 1. First-year base salary moved from $215,000 to $235,000; eighth-year associates now earn $455,000 base. The market matched almost immediately, with the new Cravath scale incorporating the Milbank increases across the industry. Total first-year compensation — base plus bonuses — now exceeds $261,000 at market-rate firms, while senior associates can approach $600,000 all-in. Milbank compounded the raise with "special bonuses" announced July 27 — ranging from $6,000 for first-years to $25,000 for eighth-years — paid August 31. The scale increase arrives exactly when H1 expense growth (+9.6% per Wells Fargo) is already compressing the gap between revenue and cost growth, and will be fully reflected in H2 cost figures.