Wilkinson Stekloff, a litigation-focused law firm founded in Washington D.C., has exceeded industry norms by awarding substantial year-end bonuses to its associates. This decision results in the firm surpassing the traditional bonus scale most recently utilized by prominent multinational law firm, Milbank LLP.
A partner at Wilkinson Stekloff, Brian Stekloff, confirmed via email that the firm’s bonus scale is predominantly based on seniority, commencing from $26,250 for fresh associates in the class of 2023. Senior associates could potentially pocket as much as $201,250 each in annual bonuses. This payout scale is deemed substantial as it is almost twice that employed by some of the major law firms across the globe.
Big Law firms globally are anticipated to shortly reveal their annual bonuses for associates. Law firms like Wilkinson Stekloff, which have elite but smaller associate teams when compared to larger establishments, have outmatched the scales set by some of the giants in the legal industry during the past few years.
Beth Wilkinson, founder of Wilkinson Stekloff, acknowledged her associates’ impressive contributions stating, “We are delighted to recognize the phenomenal contributions our associates make to the success of our clients and the firm.”
Beth Wilkinson is renown within the industry, particularly for her successful defense of Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc. earlier this year. In a noteworthy case, she led Microsoft’s fight against the Federal Trade Commission, a challenge which was ultimately turned down by a judge in San Francisco.
Last month, Milbank LLP announced that it would continue to award its annual bonuses according to the same scale it has used for the past two years, with bonuses ranging from $15,000 to $115,000. Milbank LLP surprised observers by concurrently increasing associate salaries by $10,000 across the board.
Unlike the conventional billable hour model heavily favored by major law firms, Wilkinson Stekloff operates a flat-fee structure. At Wilkinson Stekloff, bonus allocations aren’t tied to billable hours or in-office attendance requirements, as indicated by Brian Stekloff. Associates joining the firm in the latter half of the year will see their payments prorated.
The legal industry waits in anticipation for additional announcements, with firms striving to remain competitive in attracting top talent. Wilkinson Stekloff, with a team of 23 associates, is also poised to announce bonuses for lawyers holding counsel positions soon.
More information can be found on Bloomberg Law’s report.