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:
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.
