BigLaw bonus season begins with announcement from Milbank
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Milbank has beat Cravath to the punch by announcing its associate bonuses Thursday.
The scale is the same as last year’s, Above the Law reports here and here. The bonuses range from $15,000 to $100,000 and will be paid on Dec. 31.
Associates will be paid less in total bonuses in 2019, however, because they didn’t receive summer bonuses as they did last year. Some associates are expressing their disappointment and anger in emails to Above the Law.
Here is the Milbank scale:
Class of 2019 – $15,000
Class of 2018 – $15,000
Class of 2017 – $25,000
Class of 2016 – $50,000
Class of 2015 – $65,000
Class of 2014 – $80,000
Class of 2013 – $90,000
Class of 2012 – $100,000
Class of 2011 – $100,000
Above the Law speculates that law firms may be holding back bonuses this year in preparation for a possible market correction. “I kind of get why firms would be cautious,” writes Above the Law blogger Elie Mystal.
“On the other hand, I think the angered associates have the right of the argument,” Mystal writes. “Why should the firms be hoarding profits in preparation for the recession, instead of sharing more of those profits with the employees, some of whom will be laid off next recession anyway?”
