In a competitive move to retain talent, Schulte Roth & Zabel (SRZ) has announced its decision to match the generous Milbank bonus scale, significantly boosting potential earnings for its associates. This development comes on the heels of Cravath’s endorsement of Milbank’s bonus structure, which offers year-end and special bonuses up to $140,000.
While matching the Milbank scale sets a substantial benchmark, SRZ is taking it a step further by offering step-up bonuses for exceptionally high billers. These bonuses, designed to reward associates’ commitment and extensive billable hours, range from $3,000 to $51,750. Consequently, a senior associate could see their total bonus rise to nearly $200,000. SRZ reported a revenue of $545,430,000 in 2023, positioning it at 95 on the Am Law 100 list, making it one of the firms outside the Am Law Top 50 to adopt this strategy.
According to the firm, these lucrative bonuses are a gesture of appreciation for associates’ hard work and dedication this year. An inside source anticipates that many associates will receive compensation significantly above the market average. The news was covered in detail by Above the Law, where they also noted how the firm’s strategy aligns with the rising trend of competitive compensation packages across the legal sector. More details can be found in the full article.