Scott Edelman, chairman of MilbankMilbank 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
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
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