Bonus season has officially begun! Today, Milbank announced its annual year-end bonus scale. That’s great news for associates who learned that, despite the economic uncertainty at some Biglaw firms, at Milbank things are just fine.
The bonus grid, as noted below, matches the scale of last year’s bonuses for each class. And these bonuses are given to associates without a billable hours requirement, which is wonderful news.
But there is even BETTER news in Milbank’s announcement (available in full below). They’re increasing the base compensation for all associates — to the tune of $10,000 — effective January 1,2024.
Well, that is a bold move that runs counter to many of the dire predictions folks have been making about the industry. It will be VERY interesting to track which Biglaw firms are able to pony up this additional cash and stay on the top of the compensation heap.
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
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