Milbank has set a high bar for year-end bonuses, with amounts ranging from $21,000 to $140,000, which many other firms are now following suit to match.
Cravath, Swaine & Moore's match of Milbank's bonuses means that 'virtually all' associates will benefit without having to worry about a billable-hours requirement.
While BigLaw firms are generous with bonuses this year, Cravath stated that associate base salaries remain unchanged for 2025, signaling stability despite the burgeoning bonuses.
The competitive landscape of BigLaw bonuses showcases firms like Paul Hastings and McDermott Will & Emery stepping up to offer similar financial incentives, maintaining industry standards.
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