Ed. note: Welcome to our daily feature, Quote of the Day.
Corporate and particularly M&A has been a little softer this year than people thought, but that being said, many firms are very busy and I think bonuses are always a way to reward associates. [Bonuses are also a way to] further separate the most profitable firms that are paying associates market from those firms that are either paying market but don’t necessarily have the same profitability or the firms that aren’t necessarily paying market at all.
— Stephanie Biderman, a partner in the associate recruiting practice at Major Lindsey & Africa, in comments given to the American Lawyer, concerning Milbank’s decision to offer summer bonuses to associates and counsel globally. Milbank’s bonuses range from $6,000 to $25,000, depending on class year. Thus far, three other firms have announced summer bonuses: Vartabedian Hester & Haynes ($5,000), Otterbourg ($15,000), and Hueston Hennigan ($10,000 to $30,000).
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.