Milbank rewards lawyers with bonuses up to £90k

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By Legal Cheek on

9

Early Xmas present 🎁

Man walking through money
US law firm Milbank is spreading some early Christmas cheer by awarding substantial bonuses to its lawyers.

The firm announced this week that associates can expect to receive bonuses between $15,000 (£12,000) to $115,000 (£90,000), depending on their level of experience, US website Above The Law reports.

For example, the ‘Class of 2024’ — essentially a newly qualified (NQ) associate — will earn an extra $15,000, while those with at least six years of experience will receive $100,000 (£78,300)

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Associates in “good standing” will be get their bonuses by 31 December.

The breakdown of bonuses is as follows:

💰 Class of 2024: $15,000
💰 Class of 2023: $20,000
💰 Class of 2022: $30,000
💰 Class of 2021: $57,000
💰 Class of 2020: $75,000
💰 Class of 2019: $90,000
💰 Class of 2018: $105,000
💰 Class of 2017: $115,000
💰 Class of 2016: $115,000

The Legal Cheek Firms Most List shows that Milbank associates are among the highest-paid in the City, with NQ lawyers earning an impressive £170,455. It offers eight London-based training contracts annually.

9 Comments

Chris

Peanuts compared to the Magic Circle bonuses

Milbanker

Sure, let’s ignore pesky things like total compensation, the additional Milbank summer bonus and the fact bonuses aren’t tied to hours.

MC lifer

I made £386,500 last year as a 6PQE PE associate at a MC firm. Not far off from your “total compensation” 🙂

Milbanker

So what? It’s not news to me that MC associates will earn less than Milbank lawyers no matter how hard they work.

Kirkland NQ

Never seen a single Lambo in a “magic circle” car park.

Document pusher ver. 1

50-100% bonus is standard at CC, FF and LL these days.

Anon

It’s not standard at all. 50% MC bonus requires you to do over 2500 billable hours which barely brings you to base salary parity with cravath paying firms. You can get away with less hours more pay and guaranteed bonus at most US firms.

MC veteran

Untrue. You receive special bonuses in certain teams like PE, LevFin, investment funds and RX. 50-80% is very common for senior associates.

anon

I’d rather earn minimum wage and not partake in such a terrible and ungrateful waste of life.

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