Congratulations! When will other Biglaw and boutique firms decide to get on board the bonus bandwagon?
The post The First Milbank Match Is Here — Including Special Bonus Money! appeared first on Above the Law.
Biglaw might not be ready to announce bonuses yet, what with Milbank special bonus money potentially gumming up the works, but that’s not stopping boutique firms from firing out of the gate with bonuses that’ll make their Biglaw competitors blush.
On that note, Texas-based complex commercial litigation boutique Vartabedian Hester & Haynes today announced that associates will, in fact, be getting the Milbank special bonus money, on top of bonuses matching the generous year-end bonus scale that Milbank unleashed on Monday. The firm is less than a year old, and it’s already paying out Biglaw bucks. Wow! Here’s an excerpt from the firm’s bonus announcement:
We started the Firm with seemingly inconsistent goals: to provide the same level of excellent client service and results as when we were in Big Law, but at substantially lower rates; to lower billable hour requirements for Associates, but to compensate Associates in line with the top of the market. Despite no material revenue for the first three months of 2024 as we launched the Firm, our hard work, dedication, and devoted clients put us in a position to meet all of these goals this year.
A source tells Above the Law that lawyers were enticed to work at VHH with “the promise of less work and comp that would match or beat Cravath/Milbank scale” — and talk about follow through! Needless to say, associates are pretty excited. As noted in the firm’s memo, year-end bonuses come in addition to associates’ signing bonuses, special bonuses that have already been distributed, and a $5,000 firm profit share awarded in the spring.
Here’s what the eye-popping 2024 bonus scale looks like at the firm:
- Class of 2024: $21,000
- 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
- Class of 2016: $140,000
Bonuses will be paid on or before December 31st to all associates who have met their 1800-hour billable goal. Congrats to everyone at the VHH!
(Flip the page to see the full memo from Vartabedian Hester & Haynes.)
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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 X/Twitter and Threads or connect with her on LinkedIn.
