Regulation Corporations
In ‘a daring transfer,’ Milbank pronounces associates will get raises together with bonuses
Milbank introduced Tuesday that it’s matching final yr’s year-end bonuses whereas additionally giving annual raises of $10,000 to its associates starting Jan. 1. Picture from Shutterstock.
Milbank introduced Tuesday that it’s matching final yr’s year-end bonuses whereas additionally giving annual raises of $10,000 to its associates starting Jan. 1.
Above the Regulation broke the story on the brand new compensation construction, which ranges from $225,000 for sophistication of 2023 associates to $425,000 to these within the class of 2016.
Law.com and Law360 even have protection.
Above the Regulation referred to as the raises “a daring transfer that runs counter to most of the dire predictions of us have been making concerning the trade.”
The bonuses will vary from $15,000 for the category of 2023 to $115,000 for the category of 2016.
There was no point out of a billable hours requirement for bonuses within the inner memo asserting the information. Associates in good standing will obtain bonuses “topic to the standard prorations for 2023 begin dates, part-time schedules and unpaid leaves of absence,” the memo stated.
The wage and bonus scale is:
Class of 2023: $225,000 base pay and a $15,000 bonus
Class of 2022: $235,000 base pay and a $20,000 bonus
Class of 2021: $260,000 base pay and a $30,000 bonus
Class of 2020: $305,000 base pay and a $57,500 bonus
Class of 2019: $355,000 base pay and a $75,000 bonus
Class of 2018: $380,000 base pay and a $90,000 bonus
Class of 2017: $410,000 base pay and a $105,000 bonus
Class of 2016: $425,000 base pay and a $115,000 bonus
Milbank was the first BigLaw firm to announce raises in January 2022 however elevated the quantities to match bulletins by different legislation corporations that adopted, in keeping with an Above the Law story and bonus tracker for the yr. The pay scale didn’t change in 2023.
