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.