Milbank has again taken the lead in year-end bonuses for law firm associates, making a decisive move as a top-tier firm by announcing bonuses up to $115,000. According to an internal memo, Milbank will continue its seniority-based bonus scale, with amounts ranging from $15,000 for first-year associates (prorated) to the six-figure mark for the firm’s most senior talent.
“The firm is having a record year, and we expect to be very busy through the end of the year,” Milbank chair Scott Edelman noted in the memo, commending the team’s hard work across high-stakes deals, complex restructurings, and market-defining litigations.
Milbank’s early announcement places it at the forefront of compensation adjustments, a position it’s held with similar announcements in prior years. With top U.S. firms often racing to keep up, Milbank’s move could have an industry-wide impact. However, as seen last year, competitors like Cravath, Swaine & Moore sometimes make their own bold moves, setting new benchmarks that push firms like Milbank to recalibrate.
Despite some intense competitive alignment on salaries and bonuses, 2024’s earlier special bonuses from Milbank—a summer boost of $6,000 to $25,000—were not widely matched by peers. The legal industry has been buoyed by nearly record-breaking profits this year, with third-quarter gains up over 11%, highlighting a strong year for top firms.
