Milbank Leads Bonus Race, Rolling Out Year-End Pay News
The Monday memo outlines the total pay from year-end bonuses and summer bonuses, putting more pressure on law firms to match Milbank for both.
November 11, 2024 at 09:50 PM
2 minute read
Law Firm AssociatesWhat You Need to Know
- Milbank became the first Big Law firm to announce year-end bonuses.
- The bonus scale for 2024 is on par with the firm's payouts last year.
- These year-end bonuses come on top of summer bonuses issued by Milbank in August.
Milbank has kickstarted the year-end associate bonus news for 2024, announcing bonuses on Monday that range from $15,000 to $115,000, depending on class year. These are on top of Milbank’s special bonuses that were announced in August and have yet to be matched by other big firms.
The firm's year-end bonuses appear to be in lockstep with the Big Law year-end bonus scale last fall. Bonus decisions for counsel or special associates will be decided separately and on an individual basis, Milbank noted in a memo on Monday.
The bonus scale is as follows:
—Class of 2024: $15,000
—Class of 2023: $20,000
—Class of 2022: $30,000
—Class of 2021: $57,000
—Class of 2020: $75,000
—Class of 2019: $90,000
—Class of 2018: $105,000
—Class of 2017: $115,000
—Class of 2016: $115,000
The year-end bonuses — on top of the summer bonuses announced in August — mean that first-year associates will get $21,000, while the most senior associates will receive up to $140,000 in special pay, beyond their base salaries in 2024. The firm's Monday memo outlined the total pay for associates in 2024 from both sets of bonuses — putting more pressure on law firms to match Milbank for both when rolling out their own year-end pay.
Associates in good standing with Milbank are set to collect their year-end bonuses by Dec. 31.
Milbank issued an update to associate bonuses around this same time last year and was the first Big Law firm to announce year-end bonuses this year.
"The firm is having a record year and we expect to be very busy through the end of the year," Milbank chairman Scott Edelman said in a memo that was confirmed by the firm and first reported by Above the Law. "We greatly appreciate all your efforts in supporting our clients and the firm on some of the most cutting-edge transactions, restructurings and litigations in the market."
Milbank also issued raises for associates effective this January, starting its salary for class of 2023 associates at $225,000.
NOT FOR REPRINT
© 2024 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 AllBig Law Firms Increased First-Year Associate Hiring in 2024
Rising Varied Investment Products, Regulatory Activity Drive Demand in Investment Funds
Trending Stories
- 1The White Stripes Drop Copyright Claim Against Trump Campaign
- 2Law Firm Accused of Barratry for Allegedly Soliciting Crash Victims
- 3Carlton Fields Downsizes in Move to New Atlanta Office
- 4Trump's Selection of Zeldin to Head EPA Draws Surprise, Little Hope of Avoiding Deregulation
- 5Against the Odds: Voters Elect Woody Clermont to the Broward Judicial Bench
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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