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.