In June, BigLaw firm Milbank LLP announced an increase in its lockstep associate salary scale. In July, Milbank announced further compensation news: it will pay 2026 summer bonuses to associates on the same schedule as in 2024 and 2025.
This compensation news meshes well with this spring’s Am Law 100 analysis, which found broad increases in revenue per lawyer, average partner compensation, and profits per equity partner among the 100 largest U.S. law firms. These firms’ strong financial performance comes at a dynamic moment, as the legal sector adjusts to intense technological, economic, and regulatory change.
For the moment, however, set aside any instinct to seek a broader narrative. The numbers themselves are worth noting. More below the fold.
Milbank 2026 Special Summer Bonuses
| Class Year | Special Bonus |
|---|---|
| 2026/2025 | $6,000 |
| 2024 | $10,000 |
| 2023 | $15,000 |
| 2022 | $20,000 |
| 2021 and earlier | $25,000 |
| Special counsel | $25,000 |
The bonuses are payable by August 31 and are in addition to the new base-salary scale and the firm’s ordinary year-end bonuses.
Milbank 2026 Associate Salary Scale
| Class Year | Annual Base Salary | Increase from Prior Scale |
|---|---|---|
| 2026/2025 | $235,000 | $10,000 |
| 2024 | $245,000 | $10,000 |
| 2023 | $270,000 | $10,000 |
| 2022 | $320,000 | $10,000 |
| 2021 | $385,000 | $20,000 |
| 2020 | $410,000 | $20,000 |
| 2019 | $440,000 | $20,000 |
| 2018 | $455,000 | $20,000 |
These salary increases took effect July 1, 2026.
Coverage of 2026 summer bonuses and BigLaw salary scales:
- Andrea Keckley, Otterbourg Unveils $20K Associate Bonuses, Law360 (July 28, 2026)
- Andrea Keckley, Milbank Issues Bonuses to Associates, Special Counsel, Law360 (July 27, 2026)
- Sara Merken, Associates at Law Firm Milbank to Get ‘Special’ Bonuses on Top of Salary Hike, Reuters (July 27, 2026)
- Tatyana Monnay, Milbank Pays Up to $25,000 In Bonuses to Firm Associates, Bloomberg Law (July 27, 2026)
- Staci Zaretsky, Summer Surprise: Milbank Announces Special Bonuses Up to $25K, Above the Law (July 27, 2026)
- Staci Zaretsky, Associate Compensation Scorecard: The 2026 Summer of Salary Increases, Above the Law (June 5, 2026)
Related TaxProf Blog coverage:
- Inside Higher Ed: The Risk Proposition of Law School Is Changing (July 18, 2026)
- JD Degree Increases Lifetime Earnings by 41%; Amount Correlates to U.S. News Ranking of Law School (Apr. 5, 2026)
- New Data on Whether Graduate Degrees Pay Off (Apr. 4, 2026)
- Bonus Season Is Underway for BigLaw Associates in 2025 (Nov. 22, 2025)
- BigLaw Associate Compensation Soars to $251k for 1st Years, $575k for 8th Years (Nov. 24, 2024)
- BigLaw Associate Compensation Soars to $240k for 1st Years, $550k for 8th Years (Dec. 1, 2023)
- Cravath Kicks Off Associate Bonus Season with Payouts Up to $115,000 (Nov. 27, 2021)
- The Value of a Law Degree by College Major: $29k/Year for STEM Majors, $45k/Year for Humanities Majors (Feb. 24, 2016)
