Milbank Rolls Out Up to $25,000 Bonuses After Raising Associate Salaries

On July 27, Reuters reported that U.S. law firm Milbank announced “special” bonuses of up to $25,000 for associates and special counsel, a month after the firm increased its associate salary scale. The bonuses start at $6,000 for first-year associates and rise by class year.

ReutersMilbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

Milbank has a recent history of leading compensation moves in the large-law market. The firm previously paid year-end bonuses as high as $115,000 and handed out similar summer-time bonuses in the two prior years. In June, Milbank raised its base salaries, pushing first-year associate pay to $235,000 and senior associate salaries up to $455,000 for eighth-year lawyers. A handful of peers, including McDermott Will & Schulte, matched the salary increase, while many large firms have not yet responded.

ReutersMilbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

• Special bonuses: $6,000 for first-year associates, scaling up to $25,000 for senior associates.

Reuters

• Base salaries after the June raise: $235,000 for first-year associates; $455,000 for eighth-year associates, a $10,000-$20,000 increase per seniority level.

Reuters

• Prior year-end bonuses: up to $115,000.

Milbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

• Milbank’s average profits per equity partner in 2025: $7.62 million (American Lawyer).

Reuters

Recruiter Kate Reder-Sheikh of Major Lindsey & Africa noted that the lag in other firms’ compensation adjustments makes Milbank’s move “even splashier.” Recruiter Bryson Malcolm said firms may be waiting to avoid a bidding war, suggesting they feel confident in their talent-management leverage before matching the new pay levels.

Milbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

Milbank’s combined salary hike and bonus program solidifies its role as a compensation trendsetter in Big Law. The firm’s actions put pressure on rivals to align base pay and bonuses, potentially reshaping talent-competition dynamics across major corporate law firms.

Milbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

• “The lag in matching makes this an even splashier move,” — Kate Reder-Sheikh, an associate recruiter at Major Lindsey & Africa

Milbank Pays Up to $25,000 in Bonuses to Firm Associates (1)

• “They must feel like they have enough command over talent and things like that, that they can get away with waiting longer to match,” — Recruiter Bryson Malcolm

Milbank Pays Up to $25,000 in Bonuses to Firm Associates (1)