Boies Schiller Flexner is offering year-end associate bonuses that surpass $1 million for some, exceeding the typical market scale set by firms like Milbank and Cravath Swaine & Moore. This move comes as the firm has improved its financial performance, with revenues rising to $246 million in 2023. The firm uses an individualized approach to determine bonuses, considering factors like client business origination and hours worked. Additionally, Boies Schiller is enhancing recruitment efforts with referral and signing bonuses to attract top legal talent.
White & Case, ranked #9 on the Am Law 100 with nearly $3 billion in revenue, has announced it will match the market standard for year-end and special bonuses for associates. The bonuses will be distributed on February 14th. The announcement encourages associates to share bonus updates from their firms with Above the Law to stay informed on industry trends.
Milbank LLP has initiated the latest round of year-end bonuses for associates, offering up to $140,000, as other major law firms follow suit. Despite the stagnant bonus scale since 2021, firms are adding special bonuses to manage costs and protect partner profits amid rising revenues. Milbank's early announcements aim to attract associate attention, though firms traditionally wait for Cravath's lead on compensation. The legal industry is balancing associate retention with the need to maintain cash flow for top partners, as demand for associates has decreased post-pandemic.
