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Milbank

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business1 year ago

Top Law Firms Align on Bonuses, Safeguard Partner Earnings

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.

via Bloomberg Law|
#associate-bonuses#business#law-firms
business1 year ago

BigLaw Firms Race to Match Milbank and Cravath's Bonus Announcements

Paul Hastings has become the first major Biglaw firm to match the Milbank bonus scale following Cravath's announcement. The firm will offer year-end bonuses ranging from $20,000 for the Class of 2023 to $115,000 for the Class of 2017 and above, along with special bonuses. This move aligns with the Milbank scale, reflecting Paul Hastings' strong financial performance, including $1.8 billion in gross revenue and $5.4 million in profits per equity partner in 2023.

via Above the Law|
#biglaw#bonuses#business
business1 year ago

Cravath and BigLaw Firms Align on Year-End and Special Bonuses

Cravath has announced both year-end and special bonuses for its associates, matching the bonus scale set by Milbank. These bonuses will be distributed in December across their New York, D.C., and London offices without specific billable hours requirements. This move is expected to influence other major Biglaw firms to follow suit in their bonus offerings.

via Above the Law|
#associate-compensation#biglaw#bonuses
business2 years ago

Cravath Surpasses Milbank Scale with Associate Raises

Cravath has announced raises for its associates, matching the scale set by Milbank for junior associates and surpassing it for midlevel and senior associates. The new salary scale will take effect on January 1, with raises ranging from $5,000 to $20,000. Cravath has also announced year-end bonuses that match Milbank's numbers. As a leader in compensation, Cravath's move is expected to prompt other Biglaw firms to react.

via Above the Law|
#associate-raises#biglaw#business
business2 years ago

Milbank Makes Bold Move: Raises Associate Salaries and Announces Year-End Bonuses

Milbank has announced its annual year-end bonus scale for associates, matching last year's bonuses for each class. In addition, the firm will increase the base compensation for all associates by $10,000 starting January 1, 2024. This move goes against predictions of economic uncertainty in the industry and positions Milbank as a compensation leader. Other Biglaw firms will be closely watched to see if they can match this additional cash and remain competitive.

via Above the Law|
#associates#biglaw-firms#bonuses