Ed. note: Welcome to our daily feature, Quote of the Day.
It’s an unplanned expense they were not expecting.
— Owen Burman, a senior consultant at Wells Fargo’s Legal Specialty Group, in comments given to Reuters on Milbank’s surprise salary increases, which have since been raised even higher thanks to Cravath’s money moves. Burman said that elite firms with high profits will be able to match the compensation bumps, but others may have a difficult time doing so.
Staci Zaretsky is a senior editor at 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 Twitter and Threads or connect with her on LinkedIn.