Milbank to hand out special summer bonuses for third year running

Milbank has announced it will be awarding special summer bonuses of up to $25,000 to associates and special counsel globally, less than two months after it became the first major firm to announce associate salary hikes this season.

According to an internal memo by Milbank’s chair Scott Edelman reviewed by Above The Law, associates are set to receive sums ranging from $6,000 to $25,000, or around  £4,500 to £18,800, depending on class year.

This is the third year of Milbank summer bonuses, with rates staying within the same range as the summer bonuses the firm handed out in prior years.

The newest class of 2026 and 2025 associates are set to take home the smallest bonuses at $6,000, while those from the class of 2021 or earlier will take home $25,000. The cash will be paid out by 31 August.

Paying up 

The round of summer bonuses follows Milbank’s announcement that it would be increasing associate base salaries by $10,000 to $20,000 depending on seniority, putting the most junior associates at $235,000 and the most senior at $455,000 on an annual basis. 

The hikes also apply to London associates, who are paid the same as their stateside counterparts in sterling using a firm-determined conversion rate. The firm’s London NQ rate now sits at around £175,000.

Factoring in the summer bonuses, Milbank’s City NQs stand to take home around £179,500, a figure just shy of firms such as Davis Polk, Gibson Dunn, Paul Weiss and Willkie, which pay associates a base rate of £180,000.

Previously, the highest NQ pay packet in London was £180,000 before Quinn Emanuel boosted its junior lawyer pay to £189,000 in June.