It’s officially bonus season, as leading law firm, Milbank announces its annual year-end bonus scale. This year’s bonus, you’ll be delighted to note, matches last year’s scale for each class. Furthermore, these bonuses will be distributed without any billable hours requirement, a certainly favourable policy for the firm’s associates.
However, what’s even more enticing about Milbank’s recent announcement is the increase in base compensation for all associates by $10,000 effective as of January 1, 2024. Evidently, Milbank has demonstrated its pleasure in being a compensation leader.
The proactive approach of Milbank may just be contradicting the many predictions of peril regarding the industry. Legal professionals worldwide will now be watching intently to see which Biglaw firms will follow suit, stepping up to match these new compensation standards.
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This piece was crafted by Kathryn Rubino, a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of the Thinking Like A Lawyer podcast. We gratefully acknowledge the fantastic community of AtL tipsters and warmly welcome any engagement. Please do email her any tips, questions, comments, or follow her @Kathryn1 on Twitter or @Kathryn1 on Mastodon.
You can access the complete 2023 Year-End Bonus & 2024 Salary Announcement here.