Bonus season is right around the corner, and Biglaw associates have money on their minds. This year, it’s not just about bonuses — salary increases are on their wish lists, too. In fact, most of the nearly 350 respondents to our annual bonus season survey expect firms to match Milbank’s raises and special bonuses. When it comes to year-end bonuses, the majority anticipate the same payouts as last year, while more than a third think firms will be more generous. Considering the bonus scale hasn’t budged since 2021 — and the last increase before that came in 2014 — associates are understandably ready for firms to sweeten the deal.

As a little reminder, this is what the Milbank raises and special bonuses look like:

Class of 2026/2025: $235,000 / $6,000
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

This is what last year’s Cravath bonuses (including Milbank’s special bonuses) looked like:

Class of 2025: $15,000 / $6,000
Class of 2024: $20,000 / $6,000
Class of 2023: $30,000 / $10,000
Class of 2022: $57,500 / $15,000
Class of 2021: $75,000 / $20,000
Class of 2020: $90,000 / $25,000
Class of 2019: $105,000 / $25,000
Class of 2018: $115,000 / $25,000

Cravath has yet to match Milbank’s salary increases or special bonuses, but other firms are finally stepping up to the plate and announcing salary increases without the perennial compensation leader’s seal of approval. In fact, DLA Piper has already announced year-end bonuses on the 2025 scale, giving associates an early indication that bigger payouts are far from guaranteed. But with the market yet to fully weigh in, there’s still time for another firm to show associates a little more love — and money. With all of that background, let’s turn to this year’s raises and bonuses.

Considering current economic conditions, what will 2026 bonuses look like?

While most associates (59%) expect bonuses to be in line with 2025, almost 40% think they will be higher. Just 3% expect them to be lower. Should associates be expecting higher bonuses this time around? 2026 marks five years since Cravath last increased bonuses, so we may be due for a change sometime soon. Only time will tell, but associates may get lucky this holiday season when it comes to bonus cash.

Do you think your firm will use the year-end bonus announcement to match the Milbank raises and special bonuses?

Biglaw Associates Have Their Eyes On Raises And Even Bigger Bonuses 2

Approximately two-thirds of associates (66%) expect their firm to match the new Milbank salary scale and special bonuses. Another 12% believe their firm will match only the raises and not the special bonus. Others anticipate special bonuses, which might (3%) or might not (2%) match Milbank’s numbers. Meanwhile, a small number of associates (3%) believe their firm will top Milbank to become the new compensation leader. Biglaw firms better not disappoint, because we can’t even imagine the state of uproar it would cause among associates.

For those of you who are wondering when your bank accounts will be a little more flush, here’s a list of the dates when year-end market bonuses hit Biglaw since 2006, the very first year Above the Law started publishing bonus news. Take a look:

2025: November 18 (Cravath)
2024: November 11 (Milbank)
2023: November 7 (Milbank)
2022: November 21 (Baker McKenzie)
2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)
2011: November 28 (Cravath)
2010: November 22 (Cravath)
2009: November 2 (Cravath)
2008: November 19 (Skadden)
2007: October 29 (Cravath)
2006: December 11 (Cravath)

For the past few years, since 2018, bonus announcements had been made in early to mid-November until Cravath stretched the timeline by a smidge in 2021, followed by Baker McKenzie in 2022. Let’s see when our respondents think this year’s first bonus will be announced.

When do you think 2026 bonuses will be announced?

No one expected DLA’s October 30 announcement, and thus far, no one else has matched. More than 80% of respondents believe that bonuses won’t be announced until mid-November. The most popular predictions are either the week before Thanksgiving (25%) or after December 4 (26%). This (sort of) lines up with past precedent set by Cravath in recent years, if we assume that Cravath will be the first firm of the usual suspects on bonuses this year, that is.

In the past, Cravath announced its bonus news on either the last Monday in November or the first Monday in the first week of December. But with other firms in the mix, it’s really hard to say what will happen. There may be no rhyme nor reason when it comes to this year’s big bonus announcements.

While associates are busy counting down the hours until Bonus Day, they’re likely even busier counting up the hours they’re on track to bill in 2026 to meet bonus eligibility targets. Just how much are associates billing now? The answer is… nearly as much as they billed last year. Here are the full survey results.

How many hours are you on track to bill in 2026?

Biglaw Associates Have Their Eyes On Raises And Even Bigger Bonuses 4

The largest group of associates (24%) said they are on track to bill between 2000 and 2099 hours this year. More than 40 percent (42%) expect to bill even more. These figures are similar to those reported in 2025. Bill, baby, bill — and hope for even bigger bonuses! Associates tell us that some firms are offering special perks for their hard work, and the most commonly reported incentive is an above-market bonus for high billers. A few associates reported other kinds of perks like 401(k) profit shares and a complimentary vacation package worth $5,000.

Check back in with us on bonuses soon, because Biglaw associates are looking forward to their bank accounts being stuffed like the Thanksgiving turkeys they’ll gobble down at the end of the month.

Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm announces or matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Bonus/Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.

And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for your help!

Staci Zaretsky is the managing editor of 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 Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.

The post Biglaw Associates Have Their Eyes On Raises And Even Bigger Bonuses appeared first on Above the Law.