The bonus machine keeps on rolling. Milbank Tweed announced its 2009 associate bonus schedule just before Thanksgiving. The firm will be matching Cravath.
It’s interesting that Milbank decided to match the bonus market, considering the firm has already greatly reduced the size of its summer program. In July, we reported that Milbank canceled its 2010 summer program in its Los Angeles office. So it doesn’t appear that Milbank matched the market because it is all that concerned about recruiting.
Then again, with the bonus market set where it is — unless Sullivan & Cromwell wants to turn everything upside down — there is not a lot of recruiting that will be done on the back of this bonus.
Current Milbank associates probably don’t care very much about future recruitment at Milbank. They just want their reward for a hard year of work. Enjoy your bonus, Milbank friends.
Read the full memo after the jump.
MILBANK TWEED — MEMORANDUM — 2009 ASSOCIATE BONUS
The Firm is pleased to announce that we will be paying year-end bonuses to associates in the classes of 2008 – 2001. Bonuses will be paid to associates in good standing and will be subject to the usual pro-rations for 2009 start dates, part-time schedules and unpaid leaves of absence. Bonuses will be paid on or before January 15, 2010.
The bonus amounts for 2009 are:
Class of 2008: $7,500
Class of 2007: $10,000
Class of 2006: $15,000
Class of 2005: $20,000
Class of 2004: $25,000
Class of 2003: $30,000
Class of 2002: $30,000
Class of 2001: $30,000
Bonus decisions for specials will be determined on an individual basis and communicated separately.
On behalf of the Firm, we sincerely thank you for your many efforts this past year. Your commitment and dedication, excellent client service, and contributions to mentoring, recruiting, diversity and pro bono are greatly appreciated.
The Executive Committee
Earlier: Milbank Cancels 2010 Summer Program in L.A.
Associate Bonus Watch 2009