The legal media story is the Milbank Bump.
After it raised associate salaries - including entry level to $190k - journalists have been covering all angles. Those range from if clients are balking about newbie JDs earning $190k right out of the gate to who's matching.
Regarding the latter, lawyer-journalist at Abovethelaw.com, Kathryn Rubino reports what is expected: Jones Day has not matched. At least, not yet. During the Cravath Bump, it was also a laggard.
Jones Day's gross revenue number is: $1,959,360,000. So, Jones Day does have the funds to do a match.
From listening to former Jones Day lawyers whom I have coached and from reading Glassdoor (where the firm gets a 3.3 out of possible 5 rating), I have a hunch that the culture there can be summed up as: This is a special place to work. You are indeed lucky to work here. So, we don't have to struggle to keep you content with competitive compensation.
That ethos reminds me of how we doctoral students were treated at an elite university. Our peers at lesser-tier institutions of higher education said the administration and professors there helped them get through. That is, they didn't make the academic process worse for students.
So, long term, what's going to happen to Jones Day?
Everyone, of course, has heard about the War for Talent. Way back when McKinsey made that phrase famous. The big question is if Jones Day will be able to attract the best legal minds who can also attract new business. Unlike Jones Day, Milbank seems to be sending the message to lawyers: You are wonderful. We will do whatever to have you join the team and stay. You are us.
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Jones Day becomes early adopter in matching Milbank Bump. Here is the coverage.