Big Law Hedges Associate Bonuses to Protect Partner Profits

Milbank LLP is cementing its position as a first mover on associate compensation, even as the latest round of year-end bonuses shows softness in the market for junior lawyers.

At least five major law firms this week moved to match a pair of bonuses topping out at an extra $140,000, and several competitors are expected to follow. The bonuses previously were announced by Milbank, marking the second straight year that the Manhattan-founded firm has been first out of the gate with the extra payments.

That may give Milbank a branding boost, but the stagnant scale for year-end ...