Summer bonuses have been anything but predictable this year. Milbank kicked things off in early August, announcing that it would be handing out special bonuses to associates, but the rest of Biglaw has been slow — even reluctant — to follow. A handful of firms eventually stepped up with matches, while others have stayed silent, leaving associates frustrated as the summer draws to a close. Against that backdrop of hesitation, one unexpected firm has now shaken things up with not just a bonus match, but a salary increase to boot.
That firm is Axinn. Known more for its strong niche practices than for making headlines in the compensation wars, Axinn stunned the market today by matching Milbank’s summer bonuses and raising associate salaries. It’s a bold move from a firm that hasn’t historically been part of the Biglaw pay conversation, and it immediately raises the question: if Axinn can step up, why can’t everyone else? Here’s what the firm’s new salary scale looks like:
First-years to $250K?! Eighth-years to $460K?! Talk about a nice paycheck! Wow! These type of numbers are enough to make Biglaw blush, but will anyone match to come out ahead as a true compensation leader like Axinn?
Traditionally, Axinn hasn’t been the one to lead the compensation conversation, so this move is especially surprising. Matching Milbank’s bonus structure was newsworthy enough, but throwing in a huge salary bump puts Axinn in a whole new category of competitiveness. For associates, that means not just a nice summer cash infusion, but a raise that signals the firm is serious about retention.
The real question is whether this will put pressure on other firms that have been dragging their feet. If Axinn is willing to step up, what excuse do the bigger, more profitable firms have for holding back? Associates are watching closely, and patience is wearing thin.
Congratulations to everyone at Axinn! Let’s see if this surprise salary increase will be enough to move the market.
(Flip to the next page to see the full memo from Axinn.)
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Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post Summer Surprise: This Firm Just Matched Milbank’s Bonuses — And Raised Salaries appeared first on Above the Law.