Now that Cravath has matched the Milbank year-end and special bonus scale, other leading law firms are finally making their own compensation announcements. The latest firm to step to the plate with bonus news is none other than McDermott Will & Emery.
The top firm — which reported $1,921,042,000 in gross revenue and profits per equity partner of $3,763,000 in 2023 according to the most recent Am Law 100 — has chosen to use the Milbank scale for its year-end bonuses:
- Class of 2024 – $15,000 (pro-rated)
- Class of 2023 – $20,000
- Class of 2022 – $30,000
- Class of 2021 – $57,500
- Class of 2020 – $75,000
- Class of 2019 – $90,000
- Class of 2018 – $105,000
- Class of 2017+ – $115,000
McDermott is also matching the Milbank special bonus scale, and this is what they will look like at the firm:
- Class of 2024 – $6,000 (pro-rated)
- Class of 2023 – $6,000
- Class of 2022 – $10,000
- Class of 2021 – $15,000
- Class of 2020 – $20,500
- Class of 2019 – $25,000
- Class of 2018 – $25,000
- Class of 2017+ – $25,000
That said, here’s what the complete 2024 bonus scale looks like at the firm:
- Class of 2024: $21,000 (pro-rated)
- Class of 2023: $26,000
- Class of 2022: $40,000
- Class of 2021: $72,500
- Class of 2020: $95,000
- Class of 2019: $115,000
- Class of 2018: $130,000
- Class of 2017+: $140,000
But that’s not all, folks. MDW is also including merit-based bonuses on top of this already generous bonus scale. As chairman Ira Coleman notes in the firm’s announcement, “We remain committed to being top of market in all that we do and, consistent with prior years, about two-thirds of our Associates will earn above the Cravath scale.” This is incredibly exciting news for associates. Will any other Biglaw firms offer super-bonuses for their high performers?
Congratulations to everyone at McDermott Will & Emery!
(Flip to the next page to read the full memo from the firm.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
