"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."
Milbank initiated special summer bonuses in early August, prompting uneven responses across Biglaw. Several firms matched Milbank's bonuses while many remained silent, leaving associates frustrated. Axinn matched Milbank's summer bonuses and also raised associate salaries substantially across junior and senior ranks, with reported first-year pay reaching $250K and eighth-year pay reaching $460K. Axinn historically avoided compensation spotlight, so the combined bonus match and salary increase signals stronger retention efforts. Associates are now watching other firms to see if they will respond, and the move places pressure on larger firms that have not yet matched.
Read at Above the Law
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