Milbank Scale, UK NQ Pay, and the AI Mid-Level Squeeze
Milbank set the July 2026 salary scale at $235K for first-year associates (up from Cravath's $225K), with eighth-year associates reaching $455K and total compensation estimated at $550K–$595K with bonus. Baker McKenzie raised UK NQ pay to £150K, matching the Magic Circle, following Macfarlanes' increase earlier in July. Thomson Reuters' 2026 analysis found "pricing convergence" — firms collect rou
BY FRONTIER DESK · JULY 23, 2026 · 1 MIN READ
Milbank set the July 2026 salary scale at $235K for first-year associates (up from Cravath's $225K), with eighth-year associates reaching $455K and total compensation estimated at $550K–$595K with bonus. Baker McKenzie raised UK NQ pay to £150K, matching the Magic Circle, following Macfarlanes' increase earlier in July. Thomson Reuters' 2026 analysis found "pricing convergence" — firms collect roughly the same amount per hour due to market gravity despite different AI strategies. Mid-level associates remain the highest-margin tier; AI-driven hour compression hits firm profitability hardest at that level. DLA Piper reported $4.6bn revenue (+8.4%) and PEP of $4.14M (+19.6%) — its last results under the verein structure dissolved in May 2026.