(Credit: ssstocker/Adobe Stock) Associate Bonuses Build 'Morale,' but Does Management Have More Leverage Now?
"I'd be delighted if other firms wanted us to pay more than anyone else, but I don't suspect that will be the case," said Milbank's chair.
September 06, 2024 at 04:56 PM
6 minute read
Law Firm Associates
The original version of this story was published on The American Lawyer
What You Need to Know
- Firms still haven't matched summer bonuses by Milbank, likely because the hiring market is in management's favor, some observers say.
- In an interview, Milbank chair Scott Edelman predicted that other top-tier firms will match the bonuses by the end of the year.
- For those associates that don't get summer bonuses, law firms can give other incentives for retentation and engagement, observers say.
Other Big Law firms haven't matched Milbank's summer bonuses for associates, even as Labor Day has come and gone. That's probably because the hiring market is very much in firms' favor, even though that may be changing, industry observers say.
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