With a Flurry of Announcements, Bonus Season Is in Full Force
Paul Weiss, Fried Frank, and Clifford Chance are among the firms that have announced identical bonus rates—a sign that, as in years past, firms are willing to match the market leader in associate pay.
November 12, 2019 at 04:00 PM
2 minute read
The original version of this story was published on The American Lawyer
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Paul, Weiss, Rifkind, Wharton & Garrison; Fried, Frank, Harris, Shriver & Jacobson; Clifford Chance; and litigation boutique Holwell Shuster & Goldberg all announced on Tuesday that they have matched Milbank's associate bonus rates.
First-year associates at these firms will take home a $15,000 end-of-year bonus while senior associates on the upper scale will bring home up to $100,000, according to memos obtained by The American Lawyer.
The flurry of announcements is a sign that, as in years past, firms are willing to match the market leader in associate pay. Milbank was the first to release its pay scale on November 7.
Last year's bonus first-mover, Cravath, Swaine & Moore, matched Milbank's pay scale on Monday. Texas litigation boutique Reid Collins & Tsai is paying even larger bonuses, with first-year associates receiving $85,000, according to the firm.
Every year, firms scramble to match the first-mover, fearing that otherwise they'll be perceived as less prestigious or less financially sound by law school recruits and laterals, say legal industry experts. But many warn that salary and bonus wars are detrimental to firm profits and to clients, as costs often are passed along.
But Zeughauser Group consultant Kent Zimmermann has said the wars are seemingly inevitable and he does not expect them to stop anytime soon.
Similar stories:
Milbank Becomes First Mover With Early Associate Bonus Announcement
Milbank's Early Associate Bonus Announcement Signals Fierce Competition for Law Firm Talent
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