BigLaw Firms Step Up: Paul Weiss, Cleary Gottlieb, Fried Frank, and Weil Gotshal Match Milbank Bonuses
In a fierce battle to retain top talent, some of the most prominent BigLaw firms have joined the bonus frenzy sparked by Milbank LLP. Following recent announcements from Paul Weiss Rifkind Wharton & Garrison LLP, Cleary Gottlieb Steen & Hamilton LLP, and Fried Frank Harris Shriver & Jacobson LLP, Weil Gotshal & Manges LLP has also unveiled its bonus structure, further raising the stakes for associate compensation in 2024.
Weil, a powerhouse that reported a staggering $1.83 billion in gross revenue in 2023 and secured the No. 26 spot on the Am Law 100, is the latest firm to shower its associates with Milbank-level bonuses.
Breaking Down Weil’s Bonus Bonanza
Weil Gotshal’s year-end and special bonuses reflect both its financial strength and its commitment to rewarding associates across all levels. Here's a detailed breakdown of what associates can expect:
| Class Year | 2024 Overall Strong Bonus | 2024 Special Bonus |
|---|---|---|
| 2024 (prorated) | $15,000 | $6,000 |
| 2023 | $20,000 | $6,000 |
| 2022 | $30,000 | $10,000 |
| 2021 | $57,500 | $15,000 |
| 2020 | $75,000 | $20,000 |
| 2019 | $90,000 | $25,000 |
| 2018 | $105,000 | $25,000 |
| 2017 and more senior | $115,000 | $25,000 |
This bonus structure provides a substantial financial boost to associates and underscores Weil’s position as a leader in associate compensation.
The Bonus Race: Keeping Up With Milbank
Weil’s move to match Milbank’s bonus structure mirrors similar announcements by Paul Weiss, Cleary Gottlieb, and Fried Frank. This alignment reflects a broader industry trend of elite firms competing fiercely to retain top legal talent. By stepping up with year-end and special bonuses, these firms aim to reward the hard work of their associates while reinforcing their reputations as desirable workplaces.
For Weil Gotshal, which has long been recognized as a global leader in corporate, restructuring, and litigation work, the announcement also signals its strong financial health and confidence in its future.
Why These Bonuses Matter
In the high-stakes world of BigLaw, matching or exceeding market bonus standards is crucial for attracting and retaining top-tier legal talent. Bonuses are not merely about financial rewards—they are a recognition of the immense effort, long hours, and high-quality work associates put in throughout the year.
Firms that fail to keep pace with bonus benchmarks risk losing valuable associates to competitors who are more generous with compensation. With lateral hiring continuing to thrive in the legal market, offering competitive bonuses is both a strategic necessity and a sign of respect for associates’ contributions.
The Bigger Picture: Financial Strength in BigLaw
The latest bonus announcements reflect not only the competitive nature of BigLaw but also the overall financial robustness of the legal industry. Firms like Weil, with nearly $1.83 billion in revenue, have enjoyed strong client demand in areas like mergers and acquisitions, restructuring, and litigation. These revenue streams enable firms to generously reward their associates while maintaining growth.
What Lies Ahead
As more BigLaw firms unveil their bonus plans, it will be interesting to see whether any firms exceed Milbank’s structure. While many firms follow Milbank’s lead, some might offer additional perks or unique incentives to distinguish themselves in a crowded market.
For associates at Weil, Paul Weiss, Cleary Gottlieb, and Fried Frank, this year’s bonuses are a clear message that their firms value their hard work and dedication. With payouts reaching up to $140,000 in total for senior associates, 2024 is shaping up to be a lucrative year for BigLaw attorneys.
Congratulations to BigLaw Associates!
The bonus season has officially kicked off with a bang, and associates at firms like Weil Gotshal, Paul Weiss, Cleary Gottlieb, and Fried Frank have every reason to celebrate. These firms’ decisions to match Milbank bonuses not only affirm their status as industry leaders but also reinforce the importance of rewarding talent in an ever-competitive legal market.
