Earlier this week, Milbank surprised its associates by making an early announcement about their year-end bonuses, maintaining the scales from last year. Associates at the firm will receive bonuses ranging from $15,000 to $115,000. Also noteworthy are Milbank’s special summer bonuses, which saw amounts between $6,000 and $25,000, bringing the total bonuses to a range of $21,000 to $140,000. The details of this announcement can be found in the Above the Law article.
Speculation is rife among legal professionals about whether other firms, especially those in Biglaw, will match Milbank’s generous bonuses. Historically, many firms have been observed to wait for Cravath’s cue before rolling out matching bonus packages. Last year, Cravath made its announcement three weeks after Milbank, leading to a flurry of bonus matches across the industry. The current buzz, as captured by the American Lawyer, revolves around whether Cravath will include the special summer bonuses in their year-end payouts.
According to Stephanie Biderman of recruiting firm Major Lindsey & Africa, while Milbank continues to set the benchmark in associate compensation, the real question is whether other firms will meet or exceed this scale. She noted, “Time will tell, and we’ll see if that’s actually what happens.”
However, the reality is that not all firms may be in a position to match the additional $25K in special bonuses. Those that can afford might have additional conditions, such as office attendance or certain work hours. There’s also the possibility of Milbank increasing their bonus amounts given the generally positive performance reported by Biglaw firms this year, as detailed in another Above the Law article.
As the legal community waits for further announcements, many associates are poised to see how the dynamics play out, with Cravath expected to play a pivotal role in this annual bonus ritual.
For ongoing updates and to report any new bonus announcements from firms, readers are encouraged to provide tips via text or email to Above the Law.
You can read the full article on Above the Law.