Milbank Announces Bonuses: What Does That Mean For The Biglaw Compensation Leader Race?
Bonus season is finally here!
(Image via Getty)
Which Biglaw firm is the true gold standard of Biglaw compensation? That’s the kind of esoteric question we here at Above the Law spend entirely too much time contemplating. Cravath is sorta the default answer, even though they aren’t, strictly speaking, the top of the market. And that reputation took a further hit this year when Cooley started the COVID fall bonus trend followed by Davis Polk coming over the top of that scale, while Cravath opted to wait until the end of the year. Now year-end bonuses at Cravath have been announced, and while their associates will get full market scale, it’s clear they’re not about making any waves this year.
But there’s another firm that’s been making their pitch to be the compensation leader. Milbank’s the firm that brought about the $190K salary scale, and last year, they were the first to move on year-end bonuses. So they’ve definitely proven they have what it takes to set the standard in Biglaw compensation. Now they’ve released their year-end bonuses, and well, we shouldn’t get too excited:
Yup, these are the bonuses we expected, on the same scale as last year’s (and the year before’s too). But, considering the freaking pandemic — and those fun COVID appreciation bonuses folks at Milbank got back in the fall — we imagine associates are pretty happy. Year-end bonuses will be paid on or before December 31st, and you can read the full memo on the next page.
As always, we depend on you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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