Up to £19.5k
US law firm Milbank has splashed the cash this summer, dishing out hefty bonuses to its lawyers across the world, including London.
Bonuses for first year associates start at $6,000 (around £4,700) and increase by class year, according to an internal memo published by US legal website AboveTheLaw. Those associates with the most experience — around seven years — will receive a bonus of $25,000 (£19,500).
The Legal Cheek Firms Most List shows that Milbank’s junior lawyers are already among the highest-paid in the City, with newly qualified (NQ) associates earning a salary of $225,000 (approximately £176,000). It recruits around seven UK trainees each year.
“We know that the first seven months of the year have been extremely busy for the firm,” Milbank chairman Scott Edelman said in the memo. “And based on the pipeline of work, we expect that the pace will continue through the summer and the rest of the year.”
Associates will receive their bonuses on 30 September, the memo states.
Milbank is believed to be the first major US firm to offer bonuses this summer, likely putting pressure on its rivals to follow suit.