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We have yet another bonus announcement today! This time Milbank is weighing in with a bonus announcement of its own.
The firm, which took in $1,235,499,000 in gross revenue in 2020 making it 30th on the AmLaw 100, is no stranger to the compensation wars. Remember Milbank was the first firm to raise associate salaries this year. Sure, they were outdone by Davis Polk, but they matched that scale quickly. So now that their foil, Davis Polk has announced its year-end bonuses and topped those with an additional special bonus, what does Milbank have to say about bonuses?
Milbank has announced the following, increasingly familiar, scale:
With Milbank’s announcement (and match of the DPW scale), there aren’t many more spoiler firms left that may up the Biglaw bonuses this year. So these — very generous — bonuses (both the year-end and special bonuses) are what the market will likely coalesce around.
The full memo is available on the next page.
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).
