Milbank, a well-known law firm, has recently announced that they will be providing summer bonuses to their associates this year. The bonuses will range from $6,000 to $25,000, depending on the associate’s class year, with special counsels also receiving $25,000. These bonuses are scheduled to be paid out on September 30th to associates who are in good standing.
According to reports from Above the Law and Law.com, Milbank’s decision to provide these generous bonuses comes after other elite boutique firms had already distributed bonuses earlier in the summer. This move by Milbank has surprised many in the industry, as some BigLaw leaders were skeptical about the trend catching on.
In a memo announcing the bonuses, Milbank stated that the firm has been incredibly busy in the first seven months of the year and anticipates that the pace will continue. The bonus schedule is as follows: $6,000 for the Class of 2024, $6,000 for the Class of 2023, $10,000 for the Class of 2022, $15,000 for the Class of 2021, $20,000 for the Class of 2020, $25,000 for the Class of 2019, $25,000 for the Class of 2018, $25,000 for the Class of 2017, $25,000 for the Class of 2016 and more senior classes, and $25,000 for special counsels.
It is important to note that bonuses will be prorated based on start dates, part-time work, and leaves of absences. This announcement from Milbank is a reflection of the firm’s commitment to rewarding and retaining their talented associates and special counsels. The legal industry is highly competitive, and firms like Milbank understand the importance of offering competitive compensation packages to attract and retain top legal talent. This move may set a new standard for bonus structures in BigLaw firms, as other firms may feel pressured to match or exceed these bonus amounts in order to remain competitive in the market. It will be interesting to see how other firms respond to Milbank’s announcement and whether this will lead to a trend of increased bonuses across the legal industry.