Milbank LLP, a leading Big Law firm, announced summer bonuses for its associates and counsel on August 7, 2025, ranging from $6,000 to $25,000 based on seniority, to be paid by September 30. This move, consistent with Milbank’s history of setting compensation trends, follows similar bonuses issued last year and comes amid economic pressures like recent Trump tariffs. However, industry observers, including those cited by Law.com and Benzinga, suggest that other Big Law firms are unlikely to match these midyear bonuses in the near term due to lower demand in the lateral market for corporate associates. This reduced demand weakens the competitive pressure to offer such financial incentives.
Despite Milbank’s proactive stance, which has been praised for boosting morale and setting industry benchmarks, other firms appear hesitant. Above the Law notes that while Milbank’s bonuses have sparked attention, no other Big Law peer had confirmed matching bonuses by August 11, 2025, with the window for summer bonuses closing as the season ends. Firms like Cravath or Davis Polk, typically compensation leaders, may wait until year-end to incorporate similar payments, potentially with conditions like hours requirements or office attendance, as suggested by Above the Law. Economic trends and a stratified Big Law market, where top firms pull ahead financially, further reduce the likelihood of immediate matches, though year-end bonuses are expected to align more closely with Milbank’s scale.