Other Big Law firms haven't matched Milbank's summer bonuses for associates, even as Labor Day has come and gone. That's probably because the hiring market is very much in firms' favor, even though that may be changing, industry observers say.

In an interview Friday, Milbank chair Scott Edelman said that he predicts that all top-tier firms will match the bonuses by the end of the year. "I'd be delighted if other firms wanted us to pay more than anyone else, but I don't suspect that will be the case," he said. "I do think either there will be a match at one point, or other firms will roll it into end-of-year bonuses."