BigLaw firms pile on bonus bandwagon led by Milbank, and some offer more to top associates
By midday Monday, 30 law firms had matched Milbank’s year-end bonuses and announced special bonuses on par with Milbank’s summer bonuses, according to bonus announcements obtained by Above the Law. (Image from Shutterstock)
Milbank got the bonus ball rolling this year when it announced Nov. 12 that it was paying year-end associate bonuses ranging from $15,000 to $115,000.
Milbank was the only BigLaw firm that also paid summer bonuses, which ranged from from $6,000 to $25,000 for associates.
By midday Monday, 30 law firms had matched Milbank’s year-end bonuses and announced special bonuses on par with Milbank’s summer bonuses, according to bonus announcements obtained by Above the Law.
Some firms are also paying additional bonuses to top associates, according to Above the Law. The firms include Akin Gump Strauss Hauer & Feld; Cadwalader, Wickersham & Taft; Dechert; Covington & Burling; Fried, Frank, Harris, Shriver & Jacobson; Katten Muchin Rosenman; Mayer Brown; McDermott Will & Emery; Ropes & Gray; Schulte Roth & Zabel; Sidley Austin; and Skadden, Arps, Slate, Meagher & Flom.
Here is the Milbank 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
Here is the list of mostly BigLaw firms that had matched Milbank bonuses as of midday Dec. 2, according to Above the Law:
• Akin Gump Strauss Hauer & Feld, with more for exceptional performance
• Cadwalader, Wickersham & Taft, with more for high billers
• Clifford Chance (U.S. associates)
• Cleary Gottlieb Steen & Hamilton
• Covington & Burling, with a billable-hours requirement for the special bonus and a higher bonus for top billers
• Dechert, with a qualifying-hours requirement and more money for high billers
• Fried, Frank, Harris, Shriver & Jacobson, with more for top performers
• Holwell Shuster & Goldberg, with amounts for the most senior associates to be announced separately
• Katten Muchin Rosenman, with a billable-hours requirement and more money for high billers
• Mayer Brown, with more for high billers
• McDermott Will & Emery, with additional merit-based bonuses
• Paul, Weiss, Rifkind, Wharton & Garrison
• Proskauer Rose, with bonuses for the most senior associates to be communicated separately
• Ropes & Gray, with more for top associates
• Schulte Roth & Zabel, with more for top performers
• Seward & Kissel, with an hours-based requirement for special bonuses and the possibility of more for top billers
• Sidley Austin, with an hours-based requirement for full bonuses and more for exceptional performance
• Skadden, Arps, Slate, Meagher & Flom, with more for the most senior associates
