We called it yesterday, the COVID-19 bonus wars are upon us. Cooley’s announcement got the ball rolling — and sent a signal to elite Biglaw firms that they’re going to have to pony up additional bonus money, on top of year-end bonuses — as a special thank you for all the hard work associates have been putting in during this difficult time. Then Davis Polk came over the top, offering associates a lot more money than Cooley did. Now we have our first match.
Milbank announced special bonuses today in the range of $7,500 to $40,000, depending on class year, matching the DPW scale. If an associate is below 80 percent utilization (inclusive of pro bono and work on behalf of the firm), they won’t be left out in the cold entirely, they’ll get 50 percent of the bonus for their class year. And for those extraordinarily busy (over 110 percent utilization), they’ll be rewarded with an extra 50 percent of their class rate.
And, as has become typical with the COVID bonus announcements, Milbank noted that their 2020 year-end bonuses will at least be as large as their 2019 bonuses.
These special bonuses will be paid on or before October 30th.
You can read the firm’s full announcement on the next page.
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