A turbulent economy has slowed demand for law firms. You wouldn’t know it from what they are paying for top talent.

Elite firms are in a financial arms race to attract and retain lawyers who bring in big books of business, shelling out millions to poach star partners and in some cases entire practice groups. And as 2023 comes to a close, some notable firms have sparked a salary run, publicly announcing compensation hikes for their attorneys at the associate level, where future stars are born.