Biglaw Bonus Season: Associates Expect Raises and Richer Payouts

Nearly 350 Biglaw associates have money on their minds this November, and most of them expect their firms to match Milbank's salary raises and special bonuses when year-end announcements land. An annual bonus season survey from Above the Law found that a clear majority anticipate firms will follow the new Milbank scale, while more than a third believe year-end bonuses will be more generous than last year. The bonus scale has not moved since 2021, and the increase before that came in 2014 — so associates are ready for firms to sweeten the deal.

What does Milbank's new scale pay?

Milbank set the market earlier this year with raises and special bonuses that most survey respondents expect their firms to adopt:

• Class of 2026/2025: $235,000 salary / $6,000 special bonus
• Class of 2024: $245,000 / $10,000
• Class of 2023: $270,000 / $15,000
• Class of 2022: $320,000 / $20,000
• Class of 2021: $385,000 / $25,000
• Class of 2020: $410,000 / $25,000
• Class of 2019: $440,000 / $25,000
• Class of 2018: $455,000 / $25,000

Last year's Cravath bonuses, including Milbank's special bonuses, ranged from $15,000 plus $6,000 for the class of 2025 up to $115,000 plus $25,000 for the class of 2018.

Cravath has yet to match Milbank's salary increases or special bonuses. But DLA Piper broke ranks and announced year-end bonuses on the 2025 scale on October 30 — an early signal that bigger payouts are far from guaranteed, and a move no survey respondent predicted.

How generous will 2026 bonuses be?

Most associates (59%) expect bonuses in line with 2025, while almost 40% think they will be higher. Just 3% expect lower payouts. The case for optimism has a rhythm to it: 2026 marks five years since Cravath last increased bonuses, which suggests the market may be due for a change.

On matching Milbank, expectations run high:

• 66% expect their firm to match both the raises and special bonuses
• 12% expect raises only, with no special bonus
• 3% expect special bonuses matching Milbank's numbers; 2% expect special bonuses below them
• 3% believe their firm will top Milbank and become the new compensation leader

When will the announcements arrive?

More than 80% of respondents believe bonuses will not be announced until mid-November. The most popular predictions are the week before Thanksgiving (25%) or after December 4 (26%). That roughly tracks recent precedent, since Cravath has typically announced on the last Monday in November or the first Monday of December.

Historical first-mover dates stretch back to 2006, when Cravath announced on December 11. The earliest ever was Cravath on October 29, 2007. Recent first movers include Cravath on November 18, 2025, Milbank on November 11, 2024, and Milbank on November 7, 2023. Baker McKenzie led in both 2020 (November 11) and 2022 (November 21).

How hard are associates billing?

The largest group (24%) is on track to bill between 2,000 and 2,099 hours in 2026, and 42% expect to bill even more. Those figures mirror 2025. Associates report that some firms are offering above-market bonuses for high billers, and a few cite 401(k) profit shares and a complimentary vacation package worth $5,000.

The market has not fully weighed in yet. There is still time for another firm to show associates more love — and more money.