Credit: Feodora/Adobe StockBig Law Expected To Follow Milbank's Lead With Associate Year-End Bonuses
The bigger question is whether peers will close the compensation gap created by an earlier set of summer bonuses Milbank granted to associates.
November 13, 2024 at 06:00 AM
5 minute read
What You Need to Know
- Milbank on Monday announced year-end bonuses for its associates, and the move is likely to spur other Big Law firms to follow suit.
- Industry insiders said it's likely that other firms will issue associate bonuses but it was unclear whether any year-end bonuses would include summer bonuses, which had earlier been skipped over.
After Milbank announced associate bonuses for 2024 late Monday, legal industry insiders say they anticipate hearing similar announcements elsewhere from top firms soon as the year winds down to a close, particularly given the healthy economic indicators currently emanating from Big Law.
While Cravath Swaine & Moore was once recognized as the market-setter for Big Law compensation, Milbank has been taking the lead in bonus announcements since 2019. The firm's latest set of year-end associate bonuses, which range from $15,000 to $115,000, appear to follow the same bonus scale from the fall of 2023.
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