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Milbank announces new associate bonuses of up to $25,000 to aggressively compete for legal talent.

Milbank announced the introduction of bonuses up to $25,000 for associates and special counsel globally. These seniority-based rewards start at $6,000 for junior staff and reach a maximum of $25,000 for eight-year associates, following a recent salary hike that raised base pay for senior associates to $455,000. By implementing these incentives, Milbank aims to solidify its position as a market leader in associate compensation. While many Big Law rivals have yet to match the firm's aggressive pay structure, the firm remains confident in its command over talent. Recruiter Bryson Malcolm expects other firms to eventually match these increases by the year's end to avoid a bidding war. The move signals Milbank's intent to set the pace for the corporate law market, leveraging its high profit per partner of $7.62 million to maintain a competitive edge.

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