New York law firm Milbank said on Tuesday it will increase salaries for its associates to as high as $455,000, likely triggering a wave of similar pay raises among large U.S. firms that traditionally align compensation for junior lawyers to remain competitive.

Milbank's ‌move, which follows an earlier round of raises in the industry in 2023, comes after large law firms posted strong financial results in 2025, though lawyer compensation and investments in technologies like AI have also buoyed expenses. READ MORE