Associates can obtain between £5,800 and £30,800, relying on expertise
Junior attorneys at US outfit Milbank are to obtain “particular one-time bonuses” in recognition of their efforts throughout the COVID-19 pandemic.
The hefty money rewards — which can be distributed to associates throughout the US, Asia, São Paulo and London — vary from $7,500 (£5,800) for 2019 qualifiers, via to $40,000 (£31,000) for 2012 qualifiers.
Associates working under 80% utilisation (inclusive of professional bono and authorized work on behalf of the agency) will obtain 50% of their bonus, whereas these swamped in current months (over 110% utilisation) will trouser a further 50% of their reward price.
“Our complete agency has pulled collectively in response to the pandemic and the distinctive enterprise challenges and alternatives that it has created,” Milbank said in an email announcing the bonuses. “In gentle of our success, and in appreciation of the efforts made by our attorneys, we now have decided to pay our associates within the lessons of 2012-2019 a particular one-time bonus.”
Milbank has been approached for remark.
Milbank’s London lot aren’t in need of money. Authorized Cheek‘s Firms Most List reveals newly certified attorneys earn an eye-watering wage of $190,000 (£132,000), making them among the many highest paid juniors within the Metropolis.
Milbank isn’t the primary agency to dish out COVID bonuses. Fellow US agency Davis Polk has chucked the identical money bonuses at its US associates, though rewards for non-US attorneys can be decided individually, whereas Cooley has additionally coughed up further money in recognition of its attorneys’ efforts, together with for these in its worldwide places of work.
In contrast, plenty of UK-headquartered corporations, together with members of the elite magic circle, have reduce or frozen junior lawyer pay as they appear to negate the monetary influence of the shutdown.