In a significant move within the legal industry, Fried, Frank, Harris, Shriver & Jacobson LLP, commonly known as Fried Frank, has announced its decision to match the Milbank bonus scale. This comes following announcements by notable peers, Cravath and Paul Hastings, who have already followed suit.
Fried Frank’s decision to align with the Milbank scale reflects the current competitive landscape within the legal sector, seeking to attract and retain top talent by recognizing the efforts of associates with substantial financial incentives. Matching the Milbank scale, the firm not only equals the market standard for both annual and special bonuses but also offers an additional premium ranging from $3,000 to $34,500. This strategic financial commitment demonstrates the firm’s commitment to maintaining its position within the upper echelon of legal practices in terms of compensation.
The firm’s performance metrics reveal strong financial health: in 2023, Fried Frank reported gross revenues of approximately $1.009 billion and profits per equity partner (PEP) reaching $4.355 million, according to the latest Am Law 100 rankings. These figures highlight Fried Frank’s robust financial standing and underscore its ability to offer competitive bonuses.
Bonuses will be disbursed by December 31, signaling a valuable year-end reward for associates. This trend of aligning bonus schedules with peers is becoming a common practice among Biglaw firms, driven by a high-demand job market and the desire to secure associate loyalty.
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