The battle for talent among elite U.S. law firms has hit a new crescendo, with bonus payouts soaring to six figures for senior associates. Cravath, Swaine & Moore, Paul Hastings, and others are leading the charge, with promises of year-end and “special” bonuses totaling as much as $140,000 for their most seasoned attorneys.
Milbank fired the opening salvo last week, unveiling bonuses ranging from $15,000 to $115,000, tied to seniority. Over the summer, the firm sweetened the deal with additional payouts of $6,000 to $25,000. This week, Cravath and Paul Hastings answered the call, matching both the year-end and special bonuses—a move quickly mirrored by McDermott Will & Emery and Fried Frank.
Fried Frank added an extra twist, offering eligible associates and special counsel a “premium” bonus, climbing up to $34,500 for those meeting billable-hour targets.
The race to outshine rivals reflects the fierce competition among Big Law firms, where salaries already hover between $225,000 and $435,000 before bonuses. And it’s no wonder firms are feeling generous—revenues across the legal industry have surged by nearly 13% in 2024, with the top 50 firms posting even higher growth at 14.6%, according to data from Wells Fargo’s Legal Specialty Group.
With billing rates up 9% and client demand growing 3.7%, the year-end bonus bonanza underscores one thing: in the world of Big Law, staying competitive comes with a hefty price tag.
