Bonus season in the world of Biglaw should already be in full swing, yet law firms are waiting for Cravath to make its move. As we all know, Milbank was the first to announce bonuses on November 7. However, thus far, not a single firm has announced a match. Milebank’s announcement came with a $10K salary increase across all class years alongside their year-end bonus scale. This has put law firms on standby, waiting for Cravath to make a move to either match the bonuses or present their associates with something extra.
To give a clearer picture, here is what Milbank bonuses look like:
- Class of 2023 – $15,000 (pro-rated)
- Class of 2022 – $20,000
- Class of 2021 – $30,000
- Class of 2020 – $57,500
- Class of 2019 – $75,000
- Class of 2018 – $90,000
- Class of 2017 – $105,000
- Class of 2016 – $115,000
- Class of 2015 – $115,000
This is generally inline with last year’s bonuses at Baker McKenzie and Cravath, as depicted in their annual bonus survey report. In this season when bonuses—and hopefully raises—are expected, all eyes focus on Cravath. Cravath has a history of sticking to a schedule with regards to bonuses, generally announcing news on the last Monday of November. However, with another significant player in the industry disclosing an increase in salary along with bonuses, and a delay in matching bonuses from other top firms, legal professionals eagerly anticipate Cravath’s next move.
While we wait, it remains prudent for associates to stay focused on billing. As the clock ticks, the question continues to swirl around Biglaw – when will Cravath make a move?
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