One of the most profitable firms in the world is on board with Milbank’s bonuses.
The post Paul Hastings Is The First Major Biglaw Firm To Match Milbank Bonus Scale After Cravath Announces appeared first on Above the Law.
Cravath announced its bonus scale last night — a full Milbank match for both year-end and special bonuses — and Biglaw firms are finally weighing in with their own compensation updates.
We’ve now confirmed that Paul Hastings — which reported $1,814,993,000 in gross revenue and profits per equity partner of $5,395,000 in 2023 according to the most recent Am Law 100 — has chosen to use the Milbank scale for its year-end bonuses:
- Class of 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
Paul Hastings is also matching the Milbank special bonus scale, and this is what they will look like at the firm:
- 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 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
Congratulations to everyone at Paul Hastings!
(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.
