In previous years, Baker McKenzie’s Wednesday announcement about end-of-year bonuses would have precipitated a wave of matching across Big Law as firms scrambled to show that they, too, pay their associates tens of thousands in bonuses.

But in the roughly two days following the announcement by Baker, which matched the scale Milbank set last year, the market has been uncharacteristically quiet. As of Thursday afternoon, there have been no subsequent bonus announcements—not at Milbank, or Cravath, Swaine & Moore, which has typically been the first to announce.

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