As of today, July 16, it has been a conspicuous 44 days since Milbank set the legal community abuzz with its announcement of a substantial salary increase for its associates, ranging from $10,000 to $20,000 depending on seniority. This bold move has seen only a smattering of firms following suit, while a significant portion of Biglaw remains in a state of apparent denial or hesitation, seemingly frozen in time, waiting for a signal from industry giant Cravath.

The silence from some of the most influential players in the legal sector is not entirely without precedent. Cravath, Swaine & Moore LLP, known for setting compensation benchmarks, has historically been the bellwether for salary adjustments across Biglaw. In previous years, their response to salary hikes by competitors like Milbank has been prompt, typically not exceeding a three-week deliberation period. However, this year, the wait extends into its sixth week, leaving many to wonder about the implications of such a delay.

The legal community is on tenterhooks, not doubting that the increases will come, but increasingly perplexed by the delay. The profitability of these top-tier firms suggests that they won't allow Milbank to outpace them in associate compensation for long. This widespread anticipation is shared among associates, recruiters, and partners alike, who are all too aware of the stakes involved.

The longer this stasis persists, the more it borders on the absurd. Questions are being raised about whether any firm will dare to break ranks and announce their own raises without waiting for Cravath's lead. This situation not only stirs uncertainty but also tests the patience of those affected directly and indirectly by these compensation strategies.

As the industry holds its breath, we continue to welcome insights and updates from within these firms. If your firm decides to match or exceed Milbank's recent salary increments, we urge you to share the memo with us. Such contributions are invaluable as they help us provide timely and accurate updates to our readers.

In keeping with our commitment to bring you the latest developments, we invite you to sign up for Above the Law’s Bonus Alerts. This service ensures you're immediately notified about all salary and bonus announcements we publish. For those already subscribed, rest assured that you'll be in the know as soon as any new information comes to light.

The legal industry's waiting game on salary increases is a narrative of strategic pauses and keen anticipation. As the days add up, everyone is keenly watching Cravath, whose next move could recalibrate the scales of associate compensation across Biglaw.