If you could see in to the offices of managing partners and chairs at other firms across the US today, you’d observe a lot of eye-rolling and head shaking about this announcement.
It advances an arms race that most firms don’t want to advance. But it was inevitable given a perfect storm of low expenses and very high performance by many firms for several years in a row leading a large group to be flush with cash to invest in talent in a tight talent market.
— Kent Zimmermann, a partner at legal consultancy Zeughauser Group, offering his thoughts on the latest round of salary raises that were announced by Milbank earlier today. Wait and watch along with us as the Biglaw salary scale begins to rise once again.