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Associate Salary Increases: Don’t Follow Milbank’s Lead |
There is another reason most law firms should resist following Milbank’s lead. The tradition of matching salaries is a relic from a different, simpler, time in the legal industry. Announcing across the board salary increases and automatically matching Cravath’s or Milbank’s pay scales makes no sense in today’s legal market. The current system only benefits the Cravath’s and Milbanks of the world. Most law firms should be actively trying to undermine this system.

To that end, here is a summary of the advice this analyst is giving law firm leaders:

Follow if You Must

Some law firms will have to follow Milbank’s lead. If your firm is one of those few, do so quickly.

Milbank’s announcement was, for all intents and purposes, a branding initiative. The firm is signaling to the market that they are willing to pay top dollar for the best talent. In doing so, they have, essentially, labeled themselves as the home of the best talent in the legal market. The firms that compete with Milbank for talent should not cede that ground to them. They should match, or even surpass, Milbank’s new pay scale. It would be savvy for Cravath, for example, to one up Milbank and announce a $20,000 increase. Such a move would allow Cravath to retain their position as the ultimate arbiter of associate pay. It would also help further differentiate themselves from the firms which are not willing to follow.

Most Firms Should Not Follow
laterals  compensation  admission 
12 days ago by JordanFurlong
Bryan Cave Leighton Paisner Shifts to Merit-Based Pay System | The American Lawyer
“Both parties have realised they have great clients, but management spent a lot of time talking about how we are being remunerated like we are to encourage collaboration and cross selling,” said one unnamed partner who attended the conference. ”It was really drummed in that, being one firm, we have a huge market advantage and that hunting in packs is going to be key.”

As part of the union between both firms agreed upon earlier this year, partners at legacy Berwin Leighton Paisner dropped the U.K. firm’s modified lockstep compensation structure to shift towards a system that sees all BCLP partners paid on a hybrid merit-based platform more closely aligned to that of legacy Bryan Cave.
compensation  cross  marketing  bizdev  merger 
13 days ago by JordanFurlong

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