BigLaw Bonuses 2024 and 2025 Salary Chart: A Comprehensive Overview
The 2024 bonus season for BigLaw associates has turned into one of the most lucrative in recent history, beginning with Milbank’s announcement on November 11, 2024, followed by Cravath on November 19. With competitive bonuses and additional special summer bonuses, law firms are positioning themselves to attract and retain top legal talent. Below, we provide a detailed scorecard of the firms that have announced their bonuses, along with the newly updated salary scale for 2025 under the Cravath system.
2024-2025 BigLaw Bonus Breakdown: Comprehensive Scorecard
The 2024-2025 BigLaw bonus season brings exciting updates to compensation structures, as law firms continue to compete for top talent by offering generous bonuses. This comprehensive scorecard will not only highlight the bonus structures across firms but also provide an in-depth analysis of why certain firms are offering higher-than-average bonuses, the factors that influence bonus payouts, and strategies for associates to maximize their bonuses. From firms with the highest bonuses to special incentive bonuses, this section delves into what associates can expect and how they can best position themselves for financial success.
2024 BigLaw Bonus Scorecard
| FIRM | DATE MATCHED | MINIMUM HOURS REQUIRED | PAYOUT DATE | BONUS AMOUNT |
|---|---|---|---|---|
| Milbank | November 11, 2024 | None | On or before December 31, 2024 | $15,000 – $150,000 |
| Vartabedian Hester & Haynes | November 13, 2024 | 1800 hours | On or before December 31, 2024 | $10,000 – $140,000 |
| Cravath | November 19, 2024 | None | December 13, 2024 | $15,000 – $150,000 |
| Paul Hastings | November 20, 2024 | 2000 hours | February 14, 2025 | $15,000 – $150,000 |
| Ropes & Gray | November 20, 2024 | 1900 creditable hours (higher bonuses for exceeding targets) | December 24, 2024 | $15,000 – $150,000 |
| Fried Frank | November 20, 2024 | 1850 hours (including nonbillable work) | On or before December 31, 2024 | $15,000 – $150,000 |
| McDermott Will & Emery | November 20, 2024 | 2000 hours (merit bonuses available) | December 27, 2024 | $15,000 – $150,000 |
| Cleary | November 21, 2024 | None | December 20, 2024 | $15,000 – $150,000 |
| Paul Weiss | November 21, 2024 | None | December 20, 2024 | $15,000 – $150,000 |
| Dechert | November 21, 2024 | 1950 hours (extraordinary and enhanced bonuses possible) | By January 2025 | $15,000 – $200,000 |
| O’Melveny | November 21, 2024 | None | Undisclosed | $15,000 – $150,000 |
| Holwell Shuster | November 21, 2024 | None | On or before December 31, 2024 | $15,000 – $150,000 |
| Davis Polk | November 22, 2024 | None | December 27, 2024 | $15,000 – $150,000 |
| Weil Gotshal | November 22, 2024 | None | January 31, 2025 | $15,000 – $150,000 |
| White & Case | November 22, 2024 | Eligibility criteria in separate memo | February 14, 2025 | $15,000 – $180,000 |
| Skadden | November 22, 2024 | 1800 productive hours | December 13, 2024 | $15,000 – $150,000 |
| Cadwalader | November 22, 2024 | High billers (2200+ hours) eligible for 120% bonuses | By February 2025 | Up to $200,000 |
| Proskauer | November 22, 2024 | None | On or before December 24, 2024 | $15,000 – $150,000 |
| Schulte Roth & Zabel | November 22, 2024 | 2000 hours (extraordinary contributions recognized) | January 27, 2025 | $15,000 – $150,000 |
| Covington | November 22, 2024 | 2000 hours (10% bonus increases at 2200/2400 hours) | January 2025 | $15,000 – $165,000 |
| Willkie Farr | November 22, 2024 | None | December 31, 2024 | $15,000 – $150,000 |
| Akin | November 22, 2024 | 1950 hours (including pro bono and innovation) | February 2025 | $15,000 – $150,000 |
| Sidley | November 25, 2024 | 2000 hours | Prior to December 31, 2024 | $15,000 – $150,000 |
| Baker Botts | November 25, 2024 | 2000 hours (special bonuses require 2000 client billable hours) | Undisclosed | $15,000 – $180,000 |
| A&O Shearman | November 25, 2024 | 2000 hours (pro bono minimums) | January 31, 2025 | $15,000 – $150,000 |
| Katten Muchin | November 25, 2024 | Performance tiers up to $172.5K for 2400 hours | February 3, 2025 | $15,000 – $172,500 |
| Vinson & Elkins | November 25, 2024 | Based on performance and hours | January 31, 2025 | $15,000 – $160,000 |
| Debevoise | November 26, 2024 | None | Undisclosed | $15,000 – $150,000 |
| Clifford Chance | November 26, 2024 | Performance-based | January 15, 2025 | Up to $175,000 |
| Mayer Brown | November 26, 2024 | 2000 hours | February 28, 2025 | $15,000 – $150,000 |
| Gibson Dunn | November 27, 2024 | Undisclosed | Undisclosed | $15,000 – $150,000 |
| Seward & Kissel | November 27, 2024 | 2000 hours (special bonuses above market) | Q1 2025 | $15,000 – $180,000 |
| Fish & Richardson | November 27, 2024 | 2100 hours (pro bono/DEI hours count) | December 26, 2024 | $15,000 – $150,000 |
| Morgan Lewis | November 27, 2024 | 1900+ hours | January 31, 2025 | $15,000 – $150,000 |
| Wilkinson Stekloff | December 3, 2024 | None | December 13, 2024 | $15,000 – $150,000 |
| Norton Rose Fulbright | December 3, 2024 | 1900 hours (FIT hours included) | January 31, 2025 | $15,000 – $150,000 |
| Kramer Levin | December 4, 2024 | Good standing | February 14, 2025 | $15,000 – $150,000 |
| Cahill | December 5, 2024 | Super bonuses up to $200K for performance | January 2025 | $15,000 – $200,000 |
| Ross Aronstam | December 5, 2024 | None | December 15, 2024 | $15,000 – $150,000 |
| AZA | December 6, 2024 | Performance-based | December 13, 2024 | $15,000 – $150,000 |
| Perkins Coie | December 6, 2024 | Special bonuses retracted | Undisclosed | $15,000 – $150,000 |
| Boies Schiller Flexner | December 10, 2024 | Market and super bonuses | Week of December 9, 2024 | Up to $180,000 |
| Winston & Strawn | December 10, 2024 | 2000 hours | January 2025 | $15,000 – $150,000 |
| Sullivan & Cromwell | December 11, 2024 | Undisclosed | December 23, 2024 | $15,000 – $150,000 |
| Freshfields | December 11, 2024 | Undisclosed | Undisclosed | $15,000 – $150,000 |
| Linklaters | December 12, 2024 | 1900 hours (special bonuses awarded) | December 31, 2024 | $15,000 – $165,000 |
| Pillsbury | December 12, 2024 | Performance-based super bonuses | Undisclosed | $15,000 – $150,000 |
| Selendy Gay | December 12, 2024 | None | December 13, 2024 | $15,000 – $150,000 |
| Axinn | December 12, 2024 | 2000 hours | By December 20, 2024 | $15,000 – $150,000 |
| Gjerset & Lorenz | December 12, 2024 | Multi-tiered bonuses up to $330K | Installments begin March 31, 2025 | Up to $330,000 |
| Elsberg Baker & Maruri | December 12, 2024 | Undisclosed | Undisclosed | $15,000 – $150,000 |
Firms with the Highest Bonuses
Some firms in the BigLaw world are offering bonuses that exceed the traditional Cravath scale, aiming to attract and retain top-tier talent. Firms like Kirkland & Ellis, Latham & Watkins, and Gibson, Dunn & Crutcher have traditionally led the pack with higher-than-average bonuses, sometimes reaching up to $100,000 more than the Cravath baseline. These bonuses often reflect the demand for specialized practice areas like mergers and acquisitions, corporate finance, and litigation, where associates contribute significantly to revenue generation.
These firms, particularly those with a global footprint or those in hyper-competitive practice areas, may also offer these premium bonuses to reward associates for the long hours and pressure they endure in high-stakes legal work. The logic behind offering bonuses above the Cravath scale is simple: to remain competitive with other top-tier firms that also aim to lure in the brightest talent. By offering bonuses that exceed expectations, firms not only show they value their associates but also create a competitive environment that ensures they are always attracting the best legal minds.
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Factors Affecting Bonus Structure
Several factors influence the bonus structure at BigLaw firms, and understanding these can help associates better navigate the bonus season. For many firms, the base bonus is linked to the associate’s seniority and the number of billable hours worked during the year. For example, firms typically set a minimum requirement for billable hours, such as 1,800 or 2,000 hours, with associates who meet or exceed this threshold receiving a standard bonus. However, associates who fall short of this requirement may see their bonuses reduced or even eliminated.
Merit-based bonuses are also becoming increasingly common, where associates who exceed expectations in areas like client development, leadership, or unique contributions to the firm’s success may receive additional financial rewards. Performance bonuses, often tied to client feedback or specific achievements, have grown in prominence as firms shift toward rewarding the quality of work over simply meeting quotas. Associates who go above and beyond in terms of innovation, efficiency, or even business development activities may find themselves with additional bonus payouts.
Special Bonuses: High Payouts at Firms like Gjerset & Lorenz
Some firms, particularly those with specialized practices or a unique business model, offer bonus structures that far exceed the standard Cravath scale. For example, Gjerset & Lorenz, a firm known for its high-end intellectual property work, has offered bonuses of up to $330,000 in recent years. These extraordinary payouts are typically reserved for top-performing associates who contribute to key cases or secure high-value clients.
The criteria for receiving these high payouts vary by firm, but they often involve a combination of billable hour targets, outstanding performance on high-profile cases, and contributions to the firm’s overall profitability. Associates who are positioned to receive these larger bonuses often have a proven track record of excellence, demonstrating their ability to consistently exceed the expectations of their clients and the firm. These types of special bonuses are typically reserved for those who are seen as future leaders or rainmakers within the firm, reinforcing the notion that extraordinary performance deserves extraordinary rewards.
Pro Tip: How Associates Can Maximize Their Bonus Potential
Associates looking to maximize their bonus potential should focus on a few key areas:
Billable Hours: Meeting and exceeding the minimum hour requirements is critical. Associates should maintain a steady workflow throughout the year, prioritizing client needs while being mindful of personal well-being.
Performance Targets: In addition to meeting the basic requirements, associates should aim to exceed performance expectations by taking on challenging projects, showing leadership in team settings, and developing relationships with clients. Developing a reputation for reliability, client management, and efficiency will not only increase the chances of earning merit-based bonuses but also position associates for promotions and future opportunities within the firm.
Strategic Contributions: Proactively seeking high-impact assignments, demonstrating leadership, and developing client relationships can position associates for special bonuses. Taking on high-profile cases, contributing to significant revenue-generating projects, or spearheading business development initiatives can help associates stand out, leading to recognition in the form of significant bonus payouts. By focusing on both the quantitative (billable hours) and qualitative (client relationships, leadership) aspects of their role, associates can strategically maximize their bonus potential in a highly competitive environment.
2025 Cravath Salary Scale
| Class Year |
Base Salary |
Annual Bonus |
Total Compensation |
|---|---|---|---|
| 1st Year | $225,000 | $20,000 | $245,000 |
| 2nd Year | $235,000 | $30,000 | $265,000 |
| 3rd Year | $260,000 | $57,500 | $317,500 |
| 4th Year | $310,000 | $75,000 | $385,000 |
| 5th Year | $365,000 | $90,000 | $455,000 |
| 6th Year | $390,000 | $105,000 | $495,000 |
| 7th Year | $420,000 | $115,000 | $535,000 |
| 8th Year | $435,000 | $115,000 | $550,000 |
The Cravath Scale
The Cravath scale, named after the prestigious law firm Cravath, Swaine & Moore LLP, is a benchmark system that defines associate salaries and bonuses at leading BigLaw firms. Cravath has historically been recognized for setting the standard in compensation for associates, with other firms often matching its announcements. The firm’s influence in shaping this scale dates back to the early 20th century when it pioneered the concept of a lockstep compensation structure, linking pay directly to an associate’s class year and experience rather than performance. As a result, the Cravath scale has become synonymous with the industry standard for BigLaw compensation.
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The Evolution of the Cravath Scale and Its Dominance in the BigLaw World
The Cravath scale has long been regarded as the gold standard for associate compensation in BigLaw. Its influence is so profound that many firms adopt it or base their pay structures on it, ensuring that Cravath’s model remains integral to the legal profession. This section delves into the history, impact, and ongoing debates surrounding the Cravath scale, shedding light on its significance in shaping the modern legal landscape.
History of the Cravath Scale
The origins of the Cravath scale date back to the early 20th century, when Cravath, Swaine & Moore LLP first introduced the lockstep compensation model. The firm’s groundbreaking approach sought to link an associate's pay directly to their class year rather than performance, focusing on seniority and years of service. This model was revolutionary at the time, creating a clear, predictable pay progression for associates. Cravath’s decision to tie compensation to tenure rather than individual performance set a precedent that would eventually be adopted by many of the top law firms in the U.S., creating an industry-wide standard for how associates are compensated based on their experience level rather than individual negotiation or subjective performance reviews. The Cravath scale has remained remarkably consistent over the decades, with slight adjustments in line with inflation and market conditions, solidifying its status as the benchmark for BigLaw salaries.
Influence on the Industry
Cravath’s compensation structure has not only influenced other law firms but has also played a significant role in shaping the broader legal profession’s compensation model. As one of the most prestigious firms in the industry, Cravath’s scale was viewed as the model to emulate. Over time, most large law firms adopted similar salary scales, leading to what we now recognize as the “Cravath System,” where many firms base their pay structure on seniority rather than individual metrics or subjective performance evaluations. This model has contributed to stability in BigLaw associate salaries, offering a predictable, standardized career trajectory that is highly attractive to ambitious law students. The Cravath scale’s uniformity also allowed law firms to maintain a competitive edge by offering similarly structured compensation packages, reinforcing the idea that salary and bonuses are key tools in attracting and retaining top talent in the competitive world of BigLaw.
Cravath Scale vs. Merit-Based Pay
Despite its widespread adoption, the Cravath scale has not been without controversy. One ongoing debate centers on the effectiveness and fairness of the lockstep compensation system, especially in comparison to merit-based pay models. Critics argue that the Cravath scale can stifle performance-driven incentives, as it rewards longevity over individual achievement. In contrast, firms with merit-based compensation systems often offer higher rewards for top performers, which can foster a culture of competition and motivation. However, proponents of the Cravath scale argue that it ensures fairness and equality among associates, as pay is determined by objective seniority rather than subjective performance evaluations that may vary from one partner to another. The debate between lockstep and merit-based compensation continues to be a topic of discussion in the legal world, with each model having its advocates and drawbacks.
Case Study: Cravath vs. Kirkland & Ellis
To better understand the practical application of the Cravath scale, it is helpful to compare it with how other leading firms approach compensation. Take Kirkland & Ellis, one of the most prominent and lucrative law firms globally, as a case study. While Kirkland & Ellis offers a compensation system that is heavily influenced by performance metrics, with significant bonuses tied to individual productivity and client billing, its basic salary structure for associates is still influenced by the Cravath model. In contrast to Cravath’s lockstep approach, Kirkland & Ellis's focus on merit-based pay reflects a shift towards performance-oriented pay structures that reward exceptional individual contributions. However, both firms share a similar tiered approach to associate compensation, with incremental salary increases tied to each year of experience. While Cravath remains the standard for many, Kirkland & Ellis showcases how firms are balancing tradition with innovation in compensation strategy. This comparative analysis illustrates how BigLaw firms are adapting the Cravath scale in unique ways, considering factors like profitability and individual performance.
Conclusion: Leveraging Bonuses for a Successful BigLaw Career
Navigating a career in BigLaw requires not only exceptional legal skills but also a strategic approach to compensation. As explored throughout this article, understanding the nuances of salary scales, bonus structures, and the broader economic forces at play can significantly impact an associate’s financial success and career trajectory. Here are the key takeaways and final tips for aspiring BigLaw associates looking to maximize their potential.
Strategies for Maximizing Compensation
To make the most of their compensation packages, associates should focus on several key strategies. First, consistently meeting and exceeding billable hour targets remains fundamental to earning standard bonuses. However, associates should also look to go beyond the minimum by engaging in merit-based activities—such as cultivating client relationships, taking on leadership roles, or contributing to the firm’s business development efforts. Firms increasingly reward not only the quantity of work but the quality and innovation an associate brings to the table. Developing expertise in high-demand practice areas or niche markets can also help associates command higher pay and bonuses.
Additionally, understanding a firm’s bonus structure—whether it's based purely on billable hours or incorporates merit-based elements—can help associates align their efforts with the firm’s reward system. Associates should seek feedback from mentors or senior colleagues, identify performance metrics tied to bonuses, and ensure they are consistently exceeding those expectations.
Predictions for the Future of BigLaw Salaries and Bonuses
As the legal industry continues to evolve, so too will compensation structures. Projections suggest that BigLaw salaries and bonuses will continue to rise, particularly in response to inflation and increasing competition among top firms for talent. The Cravath scale, while remaining a key benchmark, may see further adjustments as firms strive to meet the demands of associates in high-cost living areas like New York, San Francisco, and Los Angeles.
In addition, the shift toward merit-based compensation will likely gain more traction. Law firms are increasingly recognizing the value of rewarding associates for their unique contributions to the firm’s success, rather than just for hitting hourly targets. As a result, future salary and bonus structures may become more nuanced, reflecting a broader range of performance metrics beyond hours worked.
Associates should also keep an eye on the growing importance of work-life balance and flexibility, as these factors could influence future compensation decisions. In a market that increasingly prioritizes well-being, firms may offer bonuses tied to employee retention or satisfaction, creating new opportunities for associates to earn additional rewards.
Final Tips for Aspiring Associates
For those entering the BigLaw world or looking to advance within it, success isn’t just about working long hours—it’s about working strategically. Here are some final tips for aspiring associates to thrive in BigLaw:
1. Focus on Professional Development: Invest time in growing your expertise in areas of law that are in high demand, such as intellectual property, mergers and acquisitions, or litigation. The more specialized your knowledge, the more valuable you become to the firm.
2. Be Proactive in Business Development: Even as a junior associate, look for opportunities to build relationships with clients, attend networking events, and participate in business development initiatives. These activities can lead to higher visibility and, ultimately, higher compensation.
3. Leverage Mentorship: Seek guidance from more experienced colleagues and partners to better understand what it takes to succeed at your firm. Mentorship can provide invaluable insights into the unspoken rules of firm culture and compensation practices.
4. Maintain a Balance: While compensation is a critical part of your career, don’t lose sight of the importance of work-life balance. Being a top performer requires not just technical ability but also emotional and physical well-being. Pursue a career that allows for both success and satisfaction.
By strategically navigating the complex terrain of salary scales, bonuses, and performance expectations, aspiring BigLaw associates can build a career that is both financially rewarding and personally fulfilling.
About Harrison Barnes
Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.
With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.
Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.
Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.
One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.
One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.
Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.
In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.
Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.
In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom
Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom
You can browse a list of past webinars here: Webinar Replays
You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts
You can also read Harrison Barnes' articles and books here: Harrison's Perspectives
Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.
Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.
To read more career and life advice articles visit Harrison's personal blog.
