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.