A raft of Big Law firms have unveiled their bonuses for associates, matching the scale set last week by standard bearer Cravath Swaine & Moore that tops out at $140,000.
Paul Weiss, McDermott Will & Schulte, Dechert, Vinson & Elkins, Debevoise & Plimpton and Baker Botts are among the firms that will match the scale, as are Cadwalader, White & Case, Skadden, Davis Polk and Fried Frank, according to sources with knowledge of the matter.
The firms’ associates will get year-end bonuses ranging from $20,000 for the class of 2024 to $115,000 for the class of 2018 and earlier, as well as special bonuses ranging from $6,000 to $25,000.
Milbank, which has earned a reputation as a first-mover in associate compensation in recent years and was ahead of the pack on special bonuses – paying out in September, will also match Cravath’s numbers.
Cravath will pay its New York and Washington DC associates on 12 December and its associates in London a week later, Above the Law reported. The firm’s memo noted that “virtually all” of its associates will receive the full bonuses, which are given without “any billable-hour or similar criteria in determining eligibility”.
Some firms have elected to do even more to reward their junior lawyers, and will hand out a premium on top of their year-end bonuses, as well as their special bonuses. Dechert’s memo to its US staff said its lawyers who recorded 2,200 “extraordinary bonus hours” were eligible to receive an additional 30% above the year-end bonus amount, and those who recorded 2,400 were eligible to receive an additional 40%. “This extraordinary bonus... aims to recognise and reward exceptional contributions,” the firm said.
Fried Frank associates could also be in line for a premium above the year-end bonus amount for their class of between $3,000 to $34,500, with an associate in the class of 2018 able to receive a maximum year-end bonus of $149,500, according to a source with knowledge of the matter. On top of that they could receive the special bonus of up to $25,000 if they recorded a minimum of 1,850 bonus hours.
Big Law firms typically adjust their salary and bonus scales in short succession in order to remain competitive, though the latest round of bonus announcements was slightly unusual in that Milbank rolled out its special bonuses back in the summer.
The firm was not immediately matched by its rivals, but unlike last year when it was the first to announce its year-end bonuses, this time that distinction went to Cravath – traditionally the pacesetter in associate compensation and still the linchpin.
Late in 2023, a raft of leading US firms raised base pay for their US associates to match the so-called “Cravath scale”, with associates now making between $225,000 and $420,000 in base salary before bonuses depending on class year.
The latest round of bonuses comes off the back of a good year for Big Law, with the top-50 grossing firms growing revenue by an average of 12.4% in the first three quarters of 2025 compared to year-prior levels, according to research by Wells Fargo’s Legal Specialty Group. The “primary contributor” was a 10% increase in billing rates, the report found, as well as increased demand and productivity.
Despite this, the year-end bonus scale at Big Law firms has topped out at $115,000 since 2021, with anxiety about future profits possibly leading firms to effectively top up their bonuses with “special” bonuses rather than increase the scale and set a precedent for the next year.
"It's not a huge surprise to see the bonus numbers hold at the same levels as last year," said Stephanie Biderman, an associate recruiter for Major Lindsey & Africa. "For most Big Law firms, it was a strong year, and the bonus numbers reflect that – especially when you factor in the Milbank special bonuses. Given that most of the leading firms have already announced they will match the Cravath scale, it's very unlikely that we will see numbers move any higher at this point."
One boutique firm has gone further, however. Above the Law reported that Washington DC-based litigation firm Wilkinson Stekloff announced year-end bonuses of up to $172,500 for the class of 2018 and earlier, on top of special bonuses it announced in the spring of up to $60,000.
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