In ‘a bold move,’ Milbank announces associates will get raises along with bonuses
Milbank announced Tuesday that it is matching last year’s year-end bonuses while also giving annual raises of $10,000 to its associates beginning Jan. 1. Image from Shutterstock.
Milbank announced Tuesday that it is matching last year’s year-end bonuses while also giving annual raises of $10,000 to its associates beginning Jan. 1.
Above the Law broke the story on the new compensation structure, which ranges from $225,000 for class of 2023 associates to $425,000 to those in the class of 2016.
Above the Law called the raises “a bold move that runs counter to many of the dire predictions folks have been making about the industry.”
The bonuses will range from $15,000 for the class of 2023 to $115,000 for the class of 2016.
There was no mention of a billable hours requirement for bonuses in the internal memo announcing the news. Associates in good standing will receive bonuses “subject to the usual prorations for 2023 start dates, part-time schedules and unpaid leaves of absence,” the memo said.
The salary and bonus scale is:
Class of 2023: $225,000 base pay and a $15,000 bonus
Class of 2022: $235,000 base pay and a $20,000 bonus
Class of 2021: $260,000 base pay and a $30,000 bonus
Class of 2020: $305,000 base pay and a $57,500 bonus
Class of 2019: $355,000 base pay and a $75,000 bonus
Class of 2018: $380,000 base pay and a $90,000 bonus
Class of 2017: $410,000 base pay and a $105,000 bonus
Class of 2016: $425,000 base pay and a $115,000 bonus
Milbank was the first BigLaw firm to announce raises in January 2022 but increased the amounts to match announcements by other law firms that followed, according to an Above the Law story and bonus tracker for the year. The pay scale did not change in 2023.