
2024 Associate Bonus Overview
As we step into 2024, large law firms across the United States are reshaping their associate bonus structures.
Following in the footsteps of Milbank, which set the tone with its announcement on November 11, and Cravath’s subsequent reveal on November 19, many firms are now adapting their bonuses to align with the latest market standards.
This raises the question: when can associates expect their firms to disclose bonus amounts?
Bonus Announcement Chart
To assist associates in navigating this evolving landscape, we have created a detailed chart that lists firms that have made bonus announcements.
This chart includes key information such as the date of each announcement, any minimum billable hours required for eligibility, and the anticipated payout dates.
We will keep this chart updated as more firms share their bonus structures.
Should you find any discrepancies or have questions regarding the information listed, please don’t hesitate to contact us for clarification.
- Milbank – Announcement Date: November 11, 2024 | Minimum Hours Required: None | Bonus Payout Date: By December 31, 2024
- Vartabedian Hester & Haynes – Announcement Date: November 13, 2024 | Minimum Hours Required: 1800 hours | Bonus Payout Date: By December 31, 2024
- Cravath – Announcement Date: November 19, 2024 | Minimum Hours Required: None | Bonus Payout Date: December 13, 2024
- Paul Hastings – Announcement Date: November 20, 2024 | Minimum Hours Required: 2000 hours | Bonus Payout Date: February 14, 2025
- Ropes & Gray – Announcement Date: November 20, 2024 | Minimum Hours Required: 1900 creditable hours | Bonus Payout Date: December 24, 2024
- Fried Frank – Announcement Date: November 20, 2024 | Minimum Hours Required: 1850 hours | Bonus Payout Date: By December 31, 2024
- McDermott Will & Emery – Announcement Date: November 20, 2024 | Minimum Hours Required: 2000 hours | Bonus Payout Date: December 27, 2024
- Cleary – Announcement Date: November 21, 2024 | Minimum Hours Required: None | Bonus Payout Date: December 20, 2024
- Paul Weiss – Announcement Date: November 21, 2024 | Minimum Hours Required: None | Bonus Payout Date: December 20, 2024
- Dechert – Announcement Date: November 21, 2024 | Minimum Hours Required: 1950 hours | Bonus Payout Date: By the end of January 2025
- O’Melveny – Announcement Date: November 21, 2024 | Minimum Hours Required: None | Bonus Payout Date: Not Disclosed
- Holwell Shuster – Announcement Date: November 21, 2024 | Minimum Hours Required: None | Bonus Payout Date: By December 31, 2024
- Davis Polk – Announcement Date: November 22, 2024 | Minimum Hours Required: None | Bonus Payout Date: December 27, 2024
- Weil Gotshal – Announcement Date: November 22, 2024 | Minimum Hours Required: None | Bonus Payout Date: January 31, 2025
- White & Case – Announcement Date: November 22, 2024 | Minimum Hours Required: Details in a separate memo | Bonus Payout Date: February 14, 2025
- Skadden – Announcement Date: November 22, 2024 | Minimum Hours Required: 1800 “productive hours” | Bonus Payout Date: December 13, 2024
- Cadwalader – Announcement Date: November 22, 2024 | Minimum Hours Required: Additional bonuses for high billers with 2200 hours or more | Bonus Payout Date: By the end of February 2025
- Proskauer – Announcement Date: November 22, 2024 | Minimum Hours Required: None | Bonus Payout Date: By December 24, 2024
- Schulte Roth & Zabel – Announcement Date: November 22, 2024 | Minimum Hours Required: 2000 hours; step-up bonuses for significant contributors | Bonus Payout Date: January 27, 2025
- Covington – Announcement Date: November 22, 2024 | Minimum Hours Required: 2000 hours | Bonus Payout Date: January 2025
Stay Informed
As the bonus announcements unfold, this chart will reflect the continuous shifts in compensation practices as firms strive to stay competitive and attractive to associates.
We are continuously tracking these trends and encourage you to reach out via text (646-820-8477) or email if you learn of any firms altering their compensation plans.
To maintain confidentiality, feel free to send any relevant memos as photos through text or email.
Source: Abovethelaw.com