The announcement of associate bonuses has been a topic of discussion among law firms, but few have made official decisions. In contrast to the industry elite, where bonuses are often handed out promptly, several big firms are delaying their bonus announcements.
Only three large law firms in Washington D.C., including Hogan Lovells and Covington & Burling, have announced that they will match the Milbank scale for year-end bonuses. However, only one firm – Covington & Burling – has also confirmed its decision on special bonuses. Meanwhile, other prominent firms such as Arnold & Porter Kaye Scholer and Venable remain silent on their bonus decisions.
A number of firms are withholding information about their bonus scales or have declined to comment. Some experts believe that this delay is due to the pressure to announce bonuses after industry leaders make their decisions.
“It’s historically been a pattern for these announcements to happen pretty quickly,” said associate law firm recruiter Darin Morgan at Major, Lindsey & Africa. “I’m a bit surprised that there are so many firms who haven’t made a decision yet.”
It remains to be seen how the bonus landscape will unfold in 2024, but one thing is clear: fewer firms are following the same approach as industry leaders when it comes to associate bonuses.
Source: https://www.law.com/nationallawjournal/2024/12/20/so-many-firms-have-yet-to-announce-associate-bonuses-underlining-big-laws-uneven-approach/?slreturn=20241225124122