In what has become an annual event keenly watched by peers and industry insiders alike, Milbank LLP has once again set the tone for Big Law’s bonus season by announcing its year-end bonuses earlier than its competitors. The esteemed Wall Street law firm revealed that bonuses will range up to a substantial $115,000 for their senior-most associates this year.
The bonus structure at Milbank mirrors the approach adopted last year, starting at $15,000 for first-year associates. This announcement reflects Milbank’s role as a frontrunner in associate compensation, with the firm having taken the lead in declaring its annual bonuses for the end of 2023 as well.
In addition to the year-end bonuses, Milbank introduced special summer bonuses for associates earlier in the year, with amounts varying between $6,000 and $25,000. It is noteworthy that these supplementary summer payments did not see immediate matching responses from rival Big Law firms, further cementing Milbank’s position as a leader in associate compensation strategies. For more detail on this development, interested readers can view the original reporting by Bloomberg Law.