US law firm Milbank is ringing in the holiday season early with the announcement of substantial year-end bonuses for its associates. The firm is known as a generous bonus payer, as we have reported recently.
Milbank said this week that lawyers can expect to receive bonuses ranging from $15,000 to $115,000, based on their level of experience.
For newly qualified associates in the Class of 2024, the bonus will be $15,000. At the higher end of the scale, associates with six or more years of experience will receive bonuses of $100,000 or more.
The full bonus scale is as follows:
- Class of 2024: $15,000
- Class of 2023: $20,000
- Class of 2022: $30,000
- Class of 2021: $57,000
- Class of 2020: $75,000
- Class of 2019: $90,000
- Class of 2018: $105,000
- Class of 2017 and 2016: $115,000
Associates are to receive their bonuses by December 31st..
The bonus announcement cements Milbank’s position as one of the highest-paying law firms. The firm’s newly qualified lawyers in London already earn a base salary of £170,455.
Milbank’s generous bonus structure is likely to put pressure on other top law firms to follow suit with competitive year-end bonuses for their own associates.
The coming weeks will, once again, be interesting to see the level reached by bonus payments made by the big law firms and the boutique practices.
