The associate pay raises announced by Milbank Tweed Hadley & McCloy this week have not immediately been matched by a slew of firms, but industry observers said they expect Milbank’s move to have a cascading effect in the industry.

Milbank told its associates on Monday (4 June) that it is raising associate salaries by $10,000 for first- through to third-years, with starting pay at $190,000. Associates in their fourth through to eighth years would see their salary increase by $15,000.