Boutique law firm will pay bigger-than-BigLaw bonuses; what will Cravath do?
Boutique law firm Wilkinson Stekloff in Washington, D.C., is surpassing the bonus scale announced by Milbank on Nov. 7. Image from Shutterstock.
Boutique law firm Wilkinson Stekloff in Washington, D.C., is surpassing the bonus scale announced by Milbank on Nov. 7.
Milbank is paying bonuses that range from $15,000 for the class of 2023 to $115,000 for the class of 2016. They match the bonuses paid last year. The firm is also giving annual raises of $10,000 to associates.
No other BigLaw firms had announced a Milbank match as of Tuesday morning. Above the Law suggests that major firms are awaiting a move by Cravath, Swaine & Moore, which is often the first to announce.
Wilkinson Stekloff, however, is increasing its bonuses to 175% of the traditional Milbank bonuses, report Above the Law, Law360, Bloomberg Law, Law.com and Reuters.
Here is the Wilkinson Stekloff 2023 bonus scale:
Class of 2023: $26,250
Class of 2022: $35,000
Class of 2021: $52,500
Class of 2020: $100,625
Class of 2019: $131,250
Class of 2018: $157,500
Class of 2017: $183,750
Class of 2016+: $201,250
Name partner Brian L. Stekloff told Bloomberg Law that Wilkinson Stekloff pays associate salaries at the BigLaw rate.
