national law firms soon followed. Two years later, in the summer of 2018, New York law firm Milbank raised its first-year associate salary to $190,000, with other major firms following shortly thereafter. In 2022 Milbank increased first-year compensation to $215,000, with most comparable firms following suit. The traditional salary model for law firm associates is lockstep compensation, in which associate salaries go up by a fixed amount each year from the associate's law school graduation. However, many firms have switched to a level-based compensation system, in which associates are divided into three (or sometimes four) levels based on skills mastered. In 2013, the median salaries for the three associate levels were $152,500, $185,000 and $216,000 among large firms (more than 700 lawyers), and $122,000, $143,500 and $160,000 among all firms. Some prominent law firms, like Goodwin Procter and Paul Hastings, give generous signing bonuses (e.g., $20k) to incoming first-year associates who hold JD/MBA degrees. Another way law firm associates increase their earnings or improve their employment conditions is through a lateral move to another law firm. A 2014 survey by LexisNexis indicated that over 95% of law firms consulted intended to hire lateral attorneys within the next two years. Though the success for both the attorney and the law firms in lateral hiring has been questioned. The National Law Review reported that the cost of recruiting, compensating, and integrating a lateral attorney can be upwards of $600,000 and that 60% of lateral attorney hires fail to thrive at their new law firms. United Kingdom British firms typically practise lockstep compensation. In London, entry-level solicitor salaries (NQ - Newly Qualified) are typically: (i) £40,000-70,000 at boutique and national firms, (ii) £80,000-100,000 at magic circle firms, and (iii) £120,000-£155,000 at London offices of leading US firms. A senior associate with six years' experience may make £68,000-120,000 at a national firm or upwards of £160,000 at a global firm. Salary levels are lower in areas outside London. Australia Australia has regional variation in lawyer salaries, with the highest salary levels in Sydney, followed by Melbourne, Perth, Brisbane, then Adelaide. Salaries vary between top-tier, mid-size, and small firms. At top-tier firms in Sydney, salaries of lawyers who have been admitted to practice range from $75,000 to $92,000 and partners make on average $1,215,000. In Sydney, mid-tier starting salaries for admitted lawyers range from between $65,000 and $82,000 Most Australian lawyers are not admitted until