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Associate Bonus Watch: Milbank Makes Bank, Matches Cravath Spring Bonuses

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Milbank Tweed? More like Milbank Cashmere. Associates at the firm can treat themselves to some luxury goods this weekend, in anticipation of the cash that’s coming their way in a few weeks.

Earlier today, the firm announced that it will be matching the Cravath spring bonuses. It’s a pleasant surprise to some….

A surprise to at least one tipster — who wasn’t sure Milbank was going to match, in light of the firm’s “usual cheapness.” For example, class of 2009 associates saw their $7500 year-end bonuses for 2010 prorated — by a few hundred bucks — because they didn’t start at the firm until a few weeks into 2010. (Many of them wanted to arrive before January 2010, but the firm wouldn’t let them.)

But enough complaining; let’s think happy thoughts. This is good news for Milbank associates — and it arrives while the firm is still basking in the afterglow of its exciting new collaboration with Harvard Law School, which will help arm associates with the tools and training they need to succeed in an increasingly competitive legal environment.

So congrats, Milbank folks! Welcome to the spring bonus club.

UPDATE (5 PM): Here’s the reaction of one Milbank associate:

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We’ve been expecting the announcement for a few weeks, so the general consensus is relief that we’re not getting screwed compared to the market. But hey, every little bit helps.

MILBANK TWEED HADLEY & MCCLOY — MEMORANDUM — SPRING BONUSES

From: Wagner, Christine
Sent: Thursday, February 17, 2011
To: #Asia Associates All; #DC Associates; #LA Associates; #NY Associates; #SP Associates
Subject: Sent on Behalf of the Executive Committee

The Firm is pleased to announce that we will be paying a special spring bonus to
associates in the classes of 2010 – 2003 and in the Specials class. Bonuses will be paid to
associates in good standing and will be subject to pro-rations for 2011 start dates, parttime
schedules and unpaid leaves of absence. Bonuses will be paid with the April 29 pay
period.

The bonus amounts are:

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Class of 2010: $2,500
Class of 2009: $7,500
Class of 2008: $10,000
Class of 2007: $15,000
Class of 2006 – Specials: $20,000

On behalf of the Firm, we sincerely thank you for your many efforts.

The Executive Committee

February 17, 2011

Earlier: Springtime Bonus Watch 2011

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