We called it yesterday, the COVID-19 bonus wars are upon us. Cool’s statement received a spin on the ball և sent a signal to the elite Biglaw companies that they will have to collect extra bonus money on end-of-year bonuses as a special thank you for all the hard work put in by the partners. during this difficult time. Then: Davis Polk rose offering partners much more money than Cool. Now we have our first meeting.
Milbank today announced special bonuses ranging from $ 7500 to $ 40,000, depending on the class year that corresponds to the DPW scale. If the subsidiary is below 80 percent utilization (including working on behalf of a proprietor), they will not be completely out of the cold, they will receive a 50 percent bonus for the year of their class. And for the unusually busy (over 110% usage), they will be rewarded with an extra 50% off their class rate.
And, as is typical of COVID bonus announcements, Milbank noted that their bonuses for the end of 2020 will be at least as big as in 2019.
These special bonuses will be paid on or before October 30.
You can read the whole company announcement on the next page.
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