McDermott Will & Emery recently announced its decision to offer bonuses that both match and exceed the Milbank scale, a notable move among prominent law firms making compensation announcements this season. The firm, with reported gross revenue of $1.921 billion and profits per equity partner of $3.763 million in 2023 as noted in the Am Law 100, has adopted Milbank’s year-end and special bonus scale.
The bonuses are categorized as follows:
- Class of 2024: $15,000 (year-end, pro-rated) plus $6,000 (special) totaling $21,000
- Class of 2023: $20,000 (year-end) plus $6,000 (special) totaling $26,000
- Class of 2022: $30,000 (year-end) plus $10,000 (special) totaling $40,000
- Class of 2021: $57,500 (year-end) plus $15,000 (special) totaling $72,500
- Class of 2020: $75,000 (year-end) plus $20,500 (special) totaling $95,000
- Class of 2019: $90,000 (year-end) plus $25,000 (special) totaling $115,000
- Class of 2018: $105,000 (year-end) plus $25,000 (special) totaling $130,000
- Class of 2017+: $115,000 (year-end) plus $25,000 (special) totaling $140,000
Beyond matching Milbank’s bonuses, McDermott Will & Emery offers merit-based bonuses. In a statement, Chairman Ira Coleman remarked, “We remain committed to being top of market in all that we do and, consistent with prior years, about two-thirds of our Associates will earn above the Cravath scale.”
Such initiatives underscore the firm’s dedication to compensating its associates competitively, reflecting in strategic compensation packages that recognize exceptional performance. This announcement leaves open the question of whether other Biglaw firms will introduce similar super-bonuses for high-performing associates.