Milbank announced special summer bonuses for associates ranging from $6,000 to $25,000 based on class year. Several midsize and boutique firms followed with summer bonuses, including Vartabedian Hester & Haynes ($5,000); Otterbourg ($15,000); Bell Nunnally (up to $15,000); and Hueston Hennigan ($10,000 to $30,000 based on hours). Biglaw firms have largely not publicly matched these bonuses. Firms are urged to notify associates promptly if they plan to match to avoid delay and competitive disadvantage. The first day of fall is September 22 as a near-term deadline for announcements. Tips and memos can be sent via text to 646-820-8477 or email with subject line "[Firm Name] Summer Bonuses".
If Biglaw firms are planning to match these bonuses by year's end, why not just notify your attorneys now? You don't need to wait for Cravath's blessing. We all know that Cravath is going to match, just as well as we all know that no firm wants to be left behind in the ultra-competitive associate compensation race. We've said it once, and we're more than happy to say it again: stop delaying the inevitable.
It's been nearly a full month since Milbank announced that it would be handing out special bonuses to associates ($6,000 to $25,000, based on class year). Other midsize and boutique firms have already stepped in to award summer bonuses to their associates - firms like Vartabedian Hester & Haynes ($5,000); Otterbourg ($15,000); Bell Nunnally (up to $15,000); and Hueston Hennigan ($10,000 to $30,000, based on hours). Business is booming, but Biglaw has more or less ignored the firm's announcement.
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