Milbank has announced special bonuses for associates and counsel, continuing its trend of leading the industry in attorney compensation. The firm has previously issued earlier bonuses and cost of living adjustments, demonstrating a commitment to valuing its legal team appropriately. This move may stimulate a response from other Biglaw firms, although there has been hesitation in the past. The legal community is encouraged to share bonus and salary information promptly to keep the industry informed about compensation trends.
Milbank has taken a lead on attorney compensation for a while now, causing ripples in the old guard "wait and see" approach in Biglaw by issuing earlier bonuses and even cost of living adjustments to keep its team properly valued.
Despite the follow-the-leader nature of an industry in a constant pitch battle for talent, firms have left Milbank hanging on compensation moves in the past.
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