Having Received Permission From Cravath, Another Firm Matches
The market is responding in earnest to the Milbank bonuses.
Normally associate bonus season is a rapid-fire event with firms falling all over themselves to follow the first announcer within the hours and days that follow. But when Milbank set the annual bonus schedule last Thursday, an eerie lull descended over the market as everyone looked around wondering what would happen next.
Cravath usually sets the tone and everyone follows suit. But whenever another firm tries to move first, Biglaw leaders act like a killer robot asked to ponder a paradox about human love and steam shoots from their ears as they try to figure out what to do without Cravath’s seal of approval.
Thursday passed without any follow on. Then Friday. Then the holiday came and everyone wondered if we’d ever hear of another firm matching. Finally, Cravath decided to match Milbank and now the sluice gates on Flood Control Dam #3 are fully opened.
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This brings us to the news that Fried Frank has decided to match the Milbank scale in its New York, Washington, and London offices. The scale, for those who’ve forgotten since the last post roughly 20 minutes ago is…
Class of 2019 – $15,000 (pro-rated)
Class of 2018 – $15,000
Class of 2017 – $25,000
Class of 2016 – $50,000
Class of 2015 – $65,000
Class of 2014 – $80,000
Class of 2013 – $90,000
Class of 2012 – $100,000
Class of 2011 and senior – $100,000
There’s an added perk for Fried Frank associates, with the firm offering a premium of 15-30 percent over the designated class amount for outstanding performance. Special counsel and other attorneys will receive “individual” bonuses.
Bonuses will be paid out on or before December 31. Full memo available on the next page.
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Please help us help you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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