In a move that continues to underscore the competitive nature of associate compensation in the legal sector, Milbank has announced special summer bonuses for its associates globally. The bonuses range from $6,000 to $25,000, categorized by class year. This latest initiative is part of Milbank’s ongoing strategy to stay ahead in the compensation game, which they have been recognized for previously. Detailed information about this announcement can be found on Above the Law.
The bonus scale announced includes:
- Class of 2024: $6,000
- Class of 2023: $6,000
- Class of 2022: $10,000
- Class of 2021: $15,000
- Class of 2020: $20,000
- Classes of 2019 and earlier, including Special Counsel: $25,000
Unlike some of the bonuses given out by elite boutiques and specialized firms earlier this summer, which were tied to specific hours requirements, Milbank’s bonuses are determined by class year, ensuring a broad application across its associate pool. This move comes as a surprise as many industry leaders were skeptical about Biglaw adopting the summer bonus trend.
These bonuses will be paid out on September 30 to associates in good standing. Milbank’s decision to extend such generous bonuses could likely influence other firms to reconsider their compensation strategies as we approach the end of the fiscal year.
Legal professionals and firms keen on staying updated with the latest compensation trends might find it beneficial to keep an eye on resources such as Above the Law, which regularly reports on significant developments in the legal industry.