Milbank Becomes First Mover With Early Associate Bonus Announcement
The firm's announcement kicks off Big Law associate bonus season, coming even a week before Cravath's uncharacteristically early announcement last year.
November 07, 2019 at 04:13 PM
2 minute read
The original version of this story was published on The American Lawyer
Scott Edelman, chairman of Milbank
Milbank said Thursday that its first-year associates are taking home a $15,000 year-end bonus while senior associates receive up to a $100,000 bonus.
The bonuses sit on the same pay scale announced by Cravath, Swaine & Moore in November 2018, according to a memo obtained by The American Lawyer.
Milbank's announcement kicks off Big Law associate bonus season, coming even a week before Cravath's uncharacteristically early announcement Nov. 19, 2018. Above the Law first reported the Milbank bonuses Thursday.
Milbank was also the first mover last year in raising associate salaries, setting the bar for other big law firms last summer by increasing their first-year associate salaries to $190,000. Cravath soon after matched the first-year salaries but raised the salary scale for mid-level and senior associates.
Milbank's timing was not lost on many legal market observers. "The timing is sort of surprising," said Nathan Peart, the managing director of Major, Lindsey & Africa's associate practice group. "Obviously, there's a war on talent. Firms want to be seen as an early leader in setting market rates, and it shows they feel confident in the market next year."
According to the Milbank memo signed by chairman Scott Edelman, bonuses will be paid out to "associates in good standing" on or before Dec. 31. The firm will prorate the bonus on the basis of "start dates, part-time schedule and unpaid leaves of absence."
"I sincerely thank you for your many efforts during what has been a very busy year and looks to be a busy year-end. Your commitment to excellent client service, diversity, mentoring, pro bono and recruiting is critical to the firm's success," Edelman wrote.
Here is the full bonus scale announced Thursday by Milbank:
- Class of 2019 — $15,000
- Class of 2018 — $15,000
- Class of 2017 — $25,000
- Class of 2016 — $50,000
- Class of 2015 — $65,000
- Class of 2014 — $80,000
- Class of 2013 — $90,000
- Class of 2012 — $100,000
- Class of 2011 — $100,000
Read More:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Am Law 100 Lateral Partner Hiring Rose in 2024: Report
JCPenney Seeks Return of More Than $1.1M From Jackson Walker For Bankruptcy Work
3 minute read
Trending Stories
- 1Uber Files RICO Suit Against Plaintiff-Side Firms Alleging Fraudulent Injury Claims
- 2The Law Firm Disrupted: Scrutinizing the Elephant More Than the Mouse
- 3Inherent Diminished Value Damages Unavailable to 3rd-Party Claimants, Court Says
- 4Pa. Defense Firm Sued by Client Over Ex-Eagles Player's $43.5M Med Mal Win
- 5Losses Mount at Morris Manning, but Departing Ex-Chair Stays Bullish About His Old Firm's Future
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
