Biglaw Associates Are Billing Hours In Bulk, Hoping For Special Bonuses On Top Of Regular Bonuses
Biglaw associates definitely didn't forget about the Milbank summer bonuses, and they're expecting to make BANK come bonus season.
With Halloween nearly upon us, that means bonus season is right around the corner. In years past, Biglaw firms were all about treats, offering pandemic-related special bonuses amid a white-hot lateral market. But here in 2024, some firms are handing out tricks — like $0 in Milbank special bonus cash (thus far, at least). That said, associates are now eagerly awaiting their year-end bonuses. In fact, the majority of the 500-plus respondents to our annual bonus season survey think 2024’s overall bonus compensation will be higher last year’s bonuses.
As a little reminder — as if you really needed one — this is what last year’s Milbank/Cravath bonuses looked like:
- Class of 2023: $15,000 (pro-rated)
- Class of 2022: $20,000
- Class of 2021: $30,000
- Class of 2020: $57,500
- Class of 2019: $75,000
- Class of 2018: $90,000
- Class of 2017: $105,000
- Class of 2016+: $115,000
Bonus money remained the same in 2023 after Cravath increased the size of its bonuses across all class years in 2021. Everyone saw more money, and the most senior associates in Biglaw received $115,000 instead of the usual $100,000. Once again, it was a great year for bonuses. With all of that background, let’s turn to this year’s bonuses.
Considering current economic conditions, what will 2024 bonuses look like?
More than half of associates (57%) predict that bonuses will be higher than they were in 2023. This is a dramatic shift from last year’s survey, when just 14% of associates surveyed predicted higher bonuses — but last year, Milbank’s special bonuses weren’t in the mix. Will firms decide to add include them along with their regular year-end bonuses? Biglaw firms better not disappoint, because we can’t even imagine the state of uproar it would cause among associates.
So, will any other money be headed associates’ way? Our respondents seem pretty enthusiastic when it comes to bonuses on top of bonuses in 2024.
Do you think your firm will use the year-end bonus announcement to match the Milbank summer bonus or offer any other special bonuses?
Most associates are also much more optimistic about special bonuses than they were in 2023. Last year, 83% of associates surveyed said they didn’t expect to see any special bonuses, whereas this year, 62% of associates think there will be some kind of special bonus. And nearly half of respondents (49%) expect firms to use this opportunity to match the Milbank summer bonus. Still, not everyone is convinced anything extra will be offered: 31% say there won’t be special bonuses and 7% are unsure. Let’s not forget, those Milbank special summer bonuses ranged from $6,000 to $25,000, without any hourly requirements attached. It’s time to cross your fingers and hold out hope that this bonus season will be extra special.
For those of you who are wondering when your bank accounts will be a little more flush, here’s a list of the dates when year-end market bonuses hit Biglaw since 2006, the very first year Above the Law started publishing bonus news. Take a look:
- 2023: November 7 (Milbank)
- 2022: November 21 (Baker McKenzie)
- 2021: November 22 (Cravath)
- 2020: November 11 (Baker McKenzie)
- 2019: November 7 (Milbank)
- 2018: November 19 (Cravath)
- 2017: November 27 (Cravath)
- 2016: November 28 (Cravath)
- 2015: December 7 (Cravath)
- 2014: November 21 (Simpson Thacher)
- 2013: December 2 (Cravath)
- 2012: November 26 (Cravath)
- 2011: November 28 (Cravath)
- 2010: November 22 (Cravath)
- 2009: November 2 (Cravath)
- 2008: November 19 (Skadden)
- 2007: October 29 (Cravath)
- 2006: December 11 (Cravath)
For the past few years, since 2018, bonus announcements had been made in early to mid-November until Cravath stretched the timeline by a smidge in 2021. Let’s see when our respondents think this year’s first bonus will be announced.
When do you think 2024 bonuses will be announced?
The majority of respondents (77%) believe that bonuses won’t be announced until mid-November or later. The most popular prediction (selected by 24% of associates) is the week before Thanksgiving. This (sort of) lines up with past precedent set by Cravath in recent years — if we assume that Cravath will be the first firm on bonuses this year, that is.
In the past, Cravath announced its bonus news on either the last Monday in November or the first Monday in the first week of December. But with other firms in the mix — will Milbank or Baker McKenzie try to announce first again this year? — it’s really hard to say what will happen. There may be no rhyme nor reason when it comes to this year’s big bonus announcements.
While associates are busy counting down the hours until Bonus Day, they’re likely even busier counting up the hours they’re on track to bill in 2024 to meet bonus eligibility targets. Just how much are associates billing now? The answer is… nearly as much as they billed last year. Here are the full survey results.
How many hours are you on track to bill in 2024?
The largest group of associates (24%) said they are on track to bill between 2000 and 2099 hours this year. Nearly half (47%) expect to bill even more. While these figures are similar to those reported in 2023, more respondents this year said they expect to bill at least 2400 hours (16% vs 10% in 2023). Bill, baby, bill — and hope for even bigger bonuses! Associates tell us that some firms are offering special perks for their hard work, with the most commonly reported incentive is an above-market bonus for high billers. A few associates reported other kinds of perks like a reduced work schedule, origination credit, and “unplugged time.”
Check back in with us on bonuses soon, because Biglaw associates are looking forward to their bank accounts being stuffed like the Thanksgiving turkeys they’ll gobble down at the end of next month.
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 photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for your help!
Staci 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 X/Twitter and Threads or connect with her on LinkedIn.
