As the legal industry approaches the final quarter of 2025, one thing has every associate’s attention—Biglaw bonus season. Every year, top U.S. law firms engage in a highly anticipated and closely watched ritual: determining how much their associates will receive in year-end and special bonuses.
This annual event is not just about extra pay—it’s a public measure of firm performance, market confidence, and associate satisfaction. And for 2025, all signs point to a competitive season ahead.
The Tradition of the Biglaw Bonus Season
The Biglaw bonus season typically begins when one elite firm—usually Cravath, Swaine & Moore LLP or Milbank LLP—sets the standard for associate bonuses. Once a leading firm announces its compensation scale, other top firms almost always match the figures to remain competitive in recruiting and retention.
This pattern has been a fixture of the Biglaw landscape for decades. Known informally as following the “Cravath scale,” it ensures that elite firms maintain parity across associate pay grades.
In 2025, the bonus discussion has already heated up early, thanks to Milbank.
Milbank’s Early Move: A Sign of Things to Come
In August 2025, Milbank LLP kicked off the conversation by awarding “special bonuses” to associates—one of the earliest announcements in recent years. According to multiple legal industry reports, these seniority-based bonuses range from around $6,000 for first-year associates to $25,000 for senior associates.
These special bonuses are separate from the traditional year-end awards and are typically given when firms perform strongly or seek to recognize exceptional workloads. Milbank’s decision suggests that the firm—and potentially others—has enjoyed a profitable year.
Historically, when Milbank leads the charge, other firms soon follow. Legal insiders now expect Cravath to make its announcement later this fall, potentially setting the official 2025 bonus benchmark for the industry.
Timing and Trends: What to Expect This Bonus Season
Biglaw’s bonus cycle follows a fairly predictable pattern, though the exact dates can vary. Based on past years:
- Cravath’s bonus announcement typically lands in late November or early December.
- Matching bonuses from peer firms—like Davis Polk, Skadden, Latham, and Simpson Thacher—often roll out within days or weeks.
- Payments are usually made to associates by the end of January of the following year.
What’s less predictable is whether firms will go beyond the standard scale and offer extra “special” or “appreciation” bonuses, as some did during high-revenue years like 2021 and 2022.
Another factor this year is the industry’s uneven performance. While top transactional practices rebounded in mid-2025, some firms with heavy reliance on M&A or capital markets saw slower activity. That variation could lead to differing bonus levels or eligibility criteria across firms.
Associates Are Watching Closely
The anticipation around Biglaw bonuses is more than just excitement—it’s a career-defining moment for many associates. These payouts often represent a substantial portion of annual compensation, sometimes equal to or exceeding several months’ salary.
For junior associates especially, the bonus season is a chance to measure their progress and confirm whether their long hours are paying off. For senior associates, it’s a preview of the firm’s overall financial health—and a signal about partnership prospects.
Key Tips for Associates This Season
- Track firm announcements. Once Cravath makes its move, the rest of Biglaw typically follows. Check news outlets, firm press releases, and internal memos for updates.
- Understand eligibility requirements. Some firms pay bonuses only to associates who meet minimum billable-hour thresholds, typically between 1,900 and 2,200 hours. Others include qualitative assessments of performance and contribution.
- Benchmark your compensation. Review resources like Biglaw Investor’s salary scale to see where your firm’s structure falls compared to industry averages.
- Consider long-term strategy. Bonuses are important, but consistent salary growth, training opportunities, and work-life balance remain critical for career satisfaction.
- Participate in feedback surveys. Sharing data helps keep firms accountable and ensures more transparency in future pay scales.
What Comes Next
While Milbank’s August bonuses have already set the tone, the real action will begin when Cravath announces its 2025 year-end bonuses. From there, the rest of the industry will likely align within days, creating a clear picture of where this year’s Biglaw compensation scale will land.
Observers expect that the 2025 scale could match or slightly exceed 2024’s figures, especially given reports of improved financial performance across elite firms. However, if the broader economy tightens toward year-end, some firms may adopt a more conservative approach.
Either way, this year’s bonus cycle promises to be closely watched—and hotly debated. For associates nationwide, the next few months could bring not just well-earned rewards, but also valuable insights into the future of compensation in Biglaw.
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