Milbank has matched Davis Polk & Wardwell’s bonus scale, informing associates of a “special one-time bonus” to be paid out by next month. The firm is also giving top performers an additional bonus that is equal to 50% of their respective class bonus.
Milbank’s news on late Wednesday follows bonus announcements by Davis Polk and Cooley and will likely spur other law firm partnerships to consider matching. It also comes in a month when several firms in the Am Law 200 confirmed layoffs, while other firms have only partially restored pay cuts, signs of a recession that has further segmented the legal industry.
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