More BigLaw firms match Milbank's year-end and special bonuses for associates, make no mention of pay hikes
Associates at three BigLaw firms will be getting year-end and special bonuses that total $21,000 to $140,000, the amount being paid by Milbank. (Image from Shutterstock)
Updated: Associates at several BigLaw firms will be getting year-end and special bonuses that total $21,000 to $140,000, the amount being paid by Milbank.
Milbank was the only BigLaw firm that paid special summer bonuses this year. The law firm announced its year-end bonuses last week.
Cravath, Swaine & Moore was the first BigLaw firm to match Milbank’s special and year-end bonuses, Above the Law reported Tuesday evening.
“Virtually all” of Cravath’s associates will receive bonuses because there is no billable-hours requirement, Cravath said.
Two other firms confirmed Wednesday morning that they will also match the Milbank scale, Law.com reports. The two firms are Paul Hastings (also reported by Above the Law) and McDermott Will & Emery.
By Thursday afternoon, these firms had also announced they are matching the bonus scale: Paul, Weiss, Rifkind, Wharton & Garrison; Fried, Frank, Harris, Shriver & Jacobson; Cleary Gottlieb Steen & Hamilton; and Ropes & Gray, according to reporting by Above the Law.
McDermott is also paying merit-based bonuses in addition to year-end and special bonuses, Above the Law reports. Ropes & Gray partnership-track associates will also enjoy additional bonus money if they are credited with at least 1,900 hours but less money if they have fewer hours, according to the blog.
In addition, Fried Frank has said some associates and special counsel may earn a “premium” of $3,000 to $34,500, Law.com reports, citing Above the Law information.
So far, no BigLaw associates are getting raises next year, however. Cravath announced in its bonus memo that associate base salaries will remain the same in 2025. They range from $225,000 to $420,000.
Here is the Milbank bonus scale:
• Class of 2024: $15,000 year-end, $6,000 special, $21,000 total (prorated)
• Class of 2023: $20,000 year-end, $6,000 special, $26,000 total
• Class of 2022: $30,000 year-end, $10,000 special, $40,000 total
• Class of 2021: $57,500 year-end, $15,000 special, $72,500 total
• Class of 2020: $75,000 year-end, $20,000 special, $95,000 total
• Class of 2019: $90,000 year-end, $25,000 special, $115,000 total
• Class of 2018: $105,000 year-end, $25,000 special, $130,000 total
• Class of 2017: $115,000 year-end, $25,000 special, $140,000 total
• Class of 2016 and higher: $115,000 year-end, $25,000 special, $140,000 total
Updated Nov. 21 at 8:45 a.m. to add information on the McDermott Will & Emery bonuses. Updated Nov. 21 at 3:35 p.m. to add additional law firms to the list.
