Milbank has initiated the year-end bonus announcements for 2024, revealing bonuses ranging from $15,000 to $115,000 depending on class year, in addition to special bonuses announced in August. This development places pressure on other major firms to match Milbank’s comprehensive compensation strategy. Among the specific figures, first-year associates are set to receive a total of $21,000, whereas senior associates could earn up to $140,000 in special pay beyond their salaries in 2024. The firm, experiencing a record year, is the first in Big Law to announce year-end bonuses this cycle, also implementing salary raises starting in January. Milbank’s meticulous payoff strategy underscores its market position and commitment to rewarding its associates’ contributions.
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