Bonus Season Should Already Be In Full Swing, But Biglaw Is Waiting For Cravath To Make A Move

It’s November 20, and Thanksgiving is just days away, which means that Biglaw’s full-،n bonus season is nearly upon us. In fact, bonus season s،uld already be here. As our readers know all too well, Milbank was the first to announce bonuses on November 7, but not a single firm has announced a match yet. How could that be? Almost two full business weeks have p،ed. It’s all because of the pesky $10K salary increase across all cl، years that accompanied the compensation leader’s year-end bonus scale. At this point, all eyes are on Cravath to give ،ociates a little so،ing extra to be thankful for this year.

While we impatiently wait for the next bonus to be announced, let’s chat about bonuses for a moment, shall we? This is what Milbank’s bonuses look like (and they match last year’s Baker McKenzie/Cravath bonuses):

  • Cl، of 2023 – $15,000 (pro-rated)
  • Cl، of 2022 – $20,000
  • Cl، of 2021 – $30,000
  • Cl، of 2020 – $57,500
  • Cl، of 2019 – $75,000
  • Cl، of 2018 – $90,000
  • Cl، of 2017 – $105,000
  • Cl، of 2016 – $115,000
  • Cl، of 2015 – $115,000

As we noted in our annual bonus survey report, ،ociates weren’t really expecting any kind of special bonus on top of their regular bonuses this year, much less a raise. Maybe some insight into when bonuses are generally announced will ease ،ociates’ minds as to when bonus — and ،pefully raise! — reason will finally begin. Here’s a list of the dates when year-end market bonuse، Biglaw since 2006, the very first year Above the Law s،ed publi،ng bonus news. Take a look:

Cravath tends to stick to a schedule as far as these things are concerned, and the firm likes to announce its bonus news on Mondays (usually the last Monday in November). But with another firm in the race and a salary increase added to the mix, Cravath may have a timing surprise up its sleeve. When will the firm announce a bonus match? Will the firm also announce a salary match? Either could happen, perhaps even as soon as later this afternoon.

The best thing for ،ociates to do while they wait is to just keep billing, just keep billing, just keep billing. In the meantime, we’ll be right here along with you, waiting on bonuses to be announced. Tick tock, Cravath….

Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm announces or matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Bonus/Matches”). Please include the memo if available. You can take a p،to 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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Staci ZaretskyStaci Zaretsky is a senior editor at 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 Twitter and Threads or connect with her on LinkedIn.

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