Lawyer Pay
BigLaw bonus leader makes announcement that will please associates
A law firm known for its industry-leading announcements on bonuses and pay hikes will be paying summer bonuses this year. (Image from Shutterstock)
A law firm known for its industry-leading announcements on bonuses and pay hikes will be paying summer bonuses this year.
Milbank is paying summer bonuses that range from $6,000 to $25,000 for associates, depending on class year, report Above the Law and Law.com. Special counsels will also get $25,000.
The bonuses will be paid to associates in good standing Sept. 30.
“Earlier this summer,” Above the Law reports, “bonuses were handed out at some elite boutiques and specialized firms. But BigLaw leaders seemed skeptical it would catch on. Well, Milbank defied that expectation!”
In a memo announcing bonuses, Milbank said the “first seven months of the year have been extremely busy for the firm,” and it expects the pace to continue.
Here is the bonus schedule:
? • Class of 2024: $6,000
? • Class of 2023: $6,000
? • Class of 2022: $10,000
? • Class of 2021: $15,000
? • Class of 2020: $20,000
? • Class of 2019: $25,000
? • Class of 2018: $25,000
? • Class of 2017: $25,000
? • Class of 2016 and more senior classes: $25,000
? • Special counsels: $25,000
Bonuses will be prorated based on start dates, part-time work and leaves of absences.
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