Skadden, Arps, Slate, Meagher & Flom confirmed Wednesday that it is raising starting first-year associate salaries to $202,500, matching a scale set by Davis Polk & Wardwell and upping the pressure on its New York rivals to do the same.
Chicago-based Mayer Brown; Boston-based Ropes & Gray; and Washington, D.C., lobbying powerhouse Akin Gump Strauss Hauer & Feld, confirmed Wednesday that they're matching Davis Polk, too.
But several elite New York firms that typically lead on compensation – including Cravath, Swaine & Moore; Simpson Thacher & Bartlett; and Sullivan & Cromwell – haveThose three firms did not respond to requests for comment. Legal industry blog Above the Law first reported the Skadden, Mayer Brown and Ropes & Gray raises.
New York-based Milbank kicked off the compensation race on Thursday when it said it would start paying first-year associates $200,000. Davis Polk upped the ante Friday. The salary hikes comes as Big Law firms are grappling with how to retain associates and keep them engaged. Deal work volume remains high and litigation is expected to pick up as courts re-open, while stress from the coronavirus pandemic heightens the risk of burnout. Competition for associatesIncreasing compensation has been a popular approach, but not the only one. Skadden confirmed Wednesday that it is also reducing the length of time it takes for associates to be promoted to counsel from 7.
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