Milbank LLP, a prominent New York-based law firm, has announced plans to distribute special summer bonuses to its associates and counsel. The bonuses, set to be paid out in September, will reach up to $25,000 for senior staff members, according to an internal memo obtained by Bloomberg Law[1].
The bonus structure is tiered based on seniority, with first-year associates slated to receive $6,000. This move comes in response to what the firm describes as an “incredibly hectic” first seven months of the year, with expectations of continued high workloads through the summer and beyond[1].
In the memo, Milbank stated, “We recognize that the initial seven months of the year have been incredibly hectic for the firm. Given the current workload, we anticipate that this momentum will persist throughout the summer and into the remainder of the year.”[1]
The full bonus scale, as reported by Above the Law, is as follows[7]:
- Class of 2024: $6,000
- Class of 2023: $6,000
- Class of 2022: $10,000
- Class of 2021: $15,000
- Class of 2020: $20,000
- Class of 2019 and more senior: $25,000
- Special Counsel: $25,000
This announcement is particularly significant given Milbank’s history of setting compensation trends in the legal industry. Last year, the firm was the first to raise its associate salary scale, triggering a wave of similar adjustments from competing firms eager to maintain their competitive edge in talent retention and recruitment[1].
Industry experts are closely watching this development. Katherine Loanzon, a managing director at search firm Kinney Recruiting, commented, “Other firms will probably follow to stay competitive, even if some of them shouldn’t, because not all firms are on equal financial footing as Milbank.”[4]
However, Kent Zimmermann, a legal business and succession consultant at Zeughauser Group, cautioned that “The fundamentals of the economy and in most law firms don’t support special bonuses for associates across the board right now.”[4]
The bonus announcement comes days after a resounding crash and quick rebound of global financial markets. Loanzon views it as “a sign of optimism that the market is moving in a positive direction and firms are hopeful that revenue will increase in Q4 and in 2025.”[4]
As the news of Milbank’s bonus structure spreads, it remains to be seen how other law firms will respond. The coming weeks may reveal whether this announcement indeed triggers a new wave of compensation adjustments across the legal sector.
Citations:
[1] https://news.bloomberglaw.com/business-and-practice/milbank-hands-out-summer-bonuses-for-associates-and-counsel
[2] https://www.law.com/americanlawyer/2024/08/08/milbank-rolls-out-summer-bonuses-for-associates-counsel/
[3] https://news.bloomberglaw.com/us-law-week/milbank-hands-out-summer-bonuses-for-associates-and-counsel
[4] https://news.bloomberglaw.com/bankruptcy-law/milbank-hands-out-summer-bonuses-for-associates-and-counsel
[5] https://www.reuters.com/legal/legalindustry/new-york-law-firm-milbank-hands-out-summer-bonuses-citing-workload-2024-08-08/
[6] https://www.thelawyer.com/milbank-dishes-out-associate-bonuses-up-to-25000/
[7] https://abovethelaw.com/2024/08/milbank-summer-bonus-24/
Last modified: June 20, 2025
