Milbank Rolls Out $25,000 Summer Bonuses for Associates (1)

Milbank LLP is the first Big Law firm this year to announce summer bonuses for its junior lawyers.

The firm is giving associates and special counsel up to $25,000 in extra payments, according to a memo viewed by Bloomberg Law. The bonuses, which start at $6,000 and range up based on seniority, will be paid by Sept. 30, the memo said.

“It’s a continuation of the intense competition within the AmLaw 100 and the escalating cost of supporting associates and of counsel,” said William Brennan, a principal at legal consulting firm Altman Weil, Inc.

The firm has emerged as an early mover on associate compensation in recent years. Milbank last year surprised some industry observers with similar summer bonuses. Its rivals later said they would match the extra payments as part of year-end bonuses.

“It only takes one firm to do it, one top firm, and the rest will follow, because that’s always what we’ve seen in the market,” said Stephanie Biderman, a partner at legal search firm Major, Lindsey & Africa.

Milbank is one of nine firms that earlier this year made deal with President Donald Trump to avoid executive orders like those aimed at competitors. The firms, which also include Kirkland & Ellis and Latham & Watkins, pledged nearly $1 billion in free legal services on shared causes.

Milbank brought in nearly $1.9 billion in gross revenue last year, ranking among the 30 largest firms in the country by that metric, according to The American Lawyer. Its profits per equity partner topped $6.8 million.