MILBANK ANNOUNCES BONUSES/SALARY INCREASES Forum

[Anonymous User]

From their memo:

Bonuses:

Class of 2023 - $15,000
Class of 2022 - $20,000
Class of 2021 - $30,000
Class of 2020 - $57,500
Class of 2019 - $75,000
Class of 2018 - $90,000
Class of 2017 - $105,000
Class of 2016 - $115,000
Class of 2015 - $115,000

Salary increases effective 1/1/24:

Class of 2023 - $225,000
Class of 2022 - $235,000
Class of 2021 - $260,000
Class of 2020 - $305,000
Class of 2019 - $355,000
Class of 2018 - $380,000
Class of 2017 - $410,000
Class of 2016 - $425,000

[Anonymous User]

Confirmed by people Ik at Milbank - God Milbank has done it again

[Anonymous User]

So bonuses stay the same and the base gets bumped by 10 grand?

I'm not gonna complain about the salary bump but also don't think it's worth the hype. Since 2020 the bumps for mid and senior-level were in the $20k+ incrementals.

[Anonymous User]

Do we think firms are going to push this higher? 10k+ is nice but I'd have expected more for midlevels/seniors.

[curry1]

Do we think firms are going to push this higher? 10k+ is nice but I'd have expected more for midlevels/seniors.

Yes, I'm like 90% sure some V10 will push this higher for mids/seniors. If that happens, it will probably result in the breaking of the scale for a lot of lower profit v100s.

[Anonymous User]

Wtf I love Millionsinthebankers now

[TigerIsBack]

So, when's our first match?

[Anonymous User]

Do we think firms are going to push this higher? 10k+ is nice but I'd have expected more for midlevels/seniors.

10k across the board is so weird that it almost feels like Milbank is baiting (or alley ooping) for a firm like DPW to give some extra increases for higher class years.

[Anonymous User]

Do we think firms are going to push this higher? 10k+ is nice but I'd have expected more for midlevels/seniors.

10k across the board is so weird that it almost feels like Milbank is baiting (or alley ooping) for a firm like DPW to give some extra increases for higher class years.

Yep I think it's doing that. Milbank doesn't want to dunk on the v10. It wants to improve its prestige while staying friendly with DPW and gang

[Anonymous User]

Do we think firms are going to push this higher? 10k+ is nice but I'd have expected more for midlevels/seniors.

10k across the board is so weird that it almost feels like Milbank is baiting (or alley ooping) for a firm like DPW to give some extra increases for higher class years.

I think it’s possible that a firm matches Milbank base, but then ups the bonus amounts (for mids and seniors) — those are always easier to walk back if (e.g.) the economy falls apart in 2024.

[Anonymous User]

Milbank has still not gotten enough cred in recent years for throwing money around; and that’s true even when (as has happened in the past) the dust settles and the numbers are higher than Milbank initially proposed.

I kind of doubt that DPW/V10 have the disposition to raise the scale of their own accord unless someone (Milbank) is there nagging them to do so.

[Anonymous User]

Milbank has still not gotten enough cred in recent years for throwing money around; and that’s true even when (as has happened in the past) the dust settles and the numbers are higher than Milbank initially proposed.

I kind of doubt that DPW/V10 have the disposition to raise the scale of their own accord unless someone (Milbank) is there nagging them to do so.

Idk about you but I always put them as like the second or third best law firm on these stupid vault polls

[TigerIsBack]

Milbank has still not gotten enough cred in recent years for throwing money around; and that’s true even when (as has happened in the past) the dust settles and the numbers are higher than Milbank initially proposed.

I kind of doubt that DPW/V10 have the disposition to raise the scale of their own accord unless someone (Milbank) is there nagging them to do so.

Idk about you but I always put them as like the second or third best law firm on these stupid vault polls

Always #1 for me.

On another note, do we even think there will be updates here on TLS as people announce? I feel like all of the traffic has moved to FB, but admittedly I don't really understand how to follow threads/topics on there so prefer TLS for these types of things.

[kau11]

Milbank has still not gotten enough cred in recent years for throwing money around; and that’s true even when (as has happened in the past) the dust settles and the numbers are higher than Milbank initially proposed.

I kind of doubt that DPW/V10 have the disposition to raise the scale of their own accord unless someone (Milbank) is there nagging them to do so.

Idk about you but I always put them as like the second or third best law firm on these stupid vault polls

Always #1 for me.

On another note, do we even think there will be updates here on TLS as people announce? I feel like all of the traffic has moved to FB, but admittedly I don't really understand how to follow threads/topics on there so prefer TLS for these types of things.

Same here re rating them #1. They've almost single-handedly driven the market from 180 just a few years ago (2018) to 225 today. And agree on FB being difficult for topics like this. I'm mostly inclined to just read posts from others at my firm versus digging through the big law bowl for industry-wide info.

[The Lsat Airbender]

Fishbowl is dogshit in general. Impossible to find anything on there. The only appeal of apps like that I can think of is that they're adapted to mobile OS (whereas vbulletin chatborts are designed for desktop and very unwieldy on mobile).

[Anonymous User]

Fishbowl is dogshit in general. Impossible to find anything on there. The only appeal of apps like that I can think of is that they're adapted to mobile OS (whereas vbulletin chatborts are designed for desktop and very unwieldy on mobile).

Ah FB = Fishbowl. I thought he meant Facebook and was really confused.

[Anonymous User]

Anyone match yet?

[TigerIsBack]

Anyone match yet?

I feel like it usually takes a couple days for an initial match since Milbank's moves have come kinda out of the blue (and maybe this time more than ever) so even the fast-matchers need some time to get to various committees to get it approved.

[Anonymous User]

Wake up and smell the matches? I haven't heard a peep about the new Milly B scale at my V25, but here's hoping.

[jotarokujo]

Wake up and smell the matches? I haven't heard a peep about the new Milly B scale at my V25, but here's hoping.

it's good that matches haven't happened. It's because people are anticipating another potential raise before they match

[Anonymous User]

When is the Cravath partners meeting? Maybe they are just kicking the decision till then.

[Anonymous User]

Cravath meetings are usually Monday afternoon, which makes making the announcement on Tuesday a very funny move.

What are your guesses on who will match first? In earlier years Cadwalader and McDermott were early movers last time, but Cadwalader is having a slow 2023, and I am not sure abot McD

[Anonymous User]

Hearing through grapevine Cravath has indicated to associates it will not match

[Anonymous User]

Hearing through grapevine Cravath has indicated to associates it will not match

I also dislike Cravath but there's no way.

[Anonymous User]

Hearing through grapevine Cravath has indicated to associates it will not match

I also dislike Cravath but there's no way.

I mean wouldn't that be the ultimate power move? I hate the idea of this being isolated to Millbank, but Cravath's strategy of pushing up the scale to show dominance clearly hasn't been working. Millbank still pushes the market and gets the credit for doing so. The real power play would be to say eh you don't move the needle for us so you just do you and we'll raise on our time. If no other firm moves before then I can't see other firms wanting to move after that, especially if they had a bad year (read: less growth than others). That said, all it takes is another firm to call Cravath's bluff and they would get some credit too.