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Biglaw bonuses are out today, with Milbank leading the way.
The bonuses are the same as last year. Based on my inbox, associates are not exactly thrilled about the extra $15,000 to $100,000 this scale provides. Of particular issue is the fact that in 2018, associates got summer bonuses. In 2019, they did not. So, in overall bonus compensation, a same-scale bonus actually results in less compensation for associates.
I kind of get why firms would be cautious. This could well be the last, or at best penultimate, bonus season before another “market correction.” It makes sense for firms to hold back in preparation for the coming recession.
On the other hand, I think the angered associates have the right of the argument. Why should the firms be hoarding profits in preparation for the recession, instead of sharing more of those profits with the employees, some of whom will be laid off next recession anyway? I doubt very much that in 2021, Milbank will say, “Well Bob, we don’t have to fire you because we cheaped out on bonuses in 2019.”
One associate worked the numbers and determined that Milbank should be paying more to associates if for no other reason than the fact that Milbank is billing clients more for associate labor.
Thanks for your coverage of our early bonuses here at “Thrillbank”. But I thought your article was too generous to Milbank. I know you called out the decrease in total comp, but the article was way too positive. I get it–it’s exciting that they announced early. But they’re trying to cheap out on us by tens of thousands of dollars for the same amount of work.
They increased rates by 4% this year, so comp should go up, not down.
The next firms down the line should know they are going to get ravaged by the legal rags if they just match when the partners get millions while the workhorses don’t even get a cost of living increase
I mean, don’t get me wrong, I’m all about the populist revolution taking it to the fat cats and demanding a more even distribution of wealth. But… you know… a four percent rate increase is not necessarily the hill I would die on. Especially since Biglaw associates are not the people most associated with the righteousness of the proletariat.
The key issue is that if bonuses are a “reward” for “good times,” then Milbank should be giving more because we are still in the good times.
Milbank bonuses static – nobody seems surprised although word on the street is firm had a very good year.
I support the thought here among the mildly disgruntled associates.
However, I’m reminded of an F. Scott Fitzgerald quote:
Maybe there was a way out by flying, maybe our restless blood could find frontiers in the illimitable air. But by that time we were all pretty well committed; and the Jazz Age continued; we would all have one more.
When the lights flash for last call, some people say, “Man, it’s getting late,” and get ready to go home. Other people rush to the bar and buy two more drinks. Which one of those people you are will probably say a lot about how you view this bonus season.
Elie Mystal is the Executive Editor of Above the Law and a contributor at The Nation. He can be reached @ElieNYC on Twitter, or at elie@abovethelaw.com. He will resist.