Bonus season is underway, and Biglaw firms are lining up to reward associates for a year's worth of effort. The market scale - unless some firm breaks rank and crashes the party - tracks last year, which can be a bit anticlimactic, but with the economy possibly resting on the precipice of recession, this was probably all we could hope for.
Simpson Thacher is about to give their employees a reason to be thankful. After grossing $2,896,282,000 in 2024, the Biglaw firm is doing the right thing and sharing some of the profits to reward associates for their hard work. Here's the scale: To everyone at Simpson Thacher, enjoy the money. With the extra cash, you could invest a little more into this year's Turkey day. According to our tipster's email, you should expect to see the money come your way by the end of December.
Yesterday afternoon, D.C.-based litigation boutique Wilkinson Stekloff announced year-end bonuses that are 150% of market bonuses. Biglaw bonus season is in full swing, with firms stepping in left and right to match Cravath's year-end bonuses and Milbank's special bonuses, but things are about to get even hotter, because one of the boutiques is here to play. This firm went over the top in a major way - including on their bigger and better special bonuses.
If you're a Biglaw associate in the fall of 2025, two things are probably true: (i) you're billing your life away while considering if a lateral move is right for you while the market is still hot, and (ii) you're eagerly waiting to receive news about your annual bonus (that may or may not include a special bonus on top), which may be right around the corner.
Today is August 22. It's been two full business weeks since Milbank announced that it would be handing out special bonuses to associates ($6,000 to $25,000, based on class year). Other midsize and boutique firms have already stepped in to award summer bonuses to their associates - firms like Vartabedian Hester & Haynes ($5,000); Otterbourg ($15,000); Bell Nunnally (up to $15,000); and Hueston Hennigan ($10,000 to $30,000, based on hours) - but we've heard nothing but crickets from Milbank's Biglaw brethren.