Cravath, the market’s longstanding benchmark for associate compensation, has announced its year-end bonuses — alongside a round of special bonuses mirroring the Milbank summer awards released in August.
The core year-end scale tracks last year’s numbers. No major reset, but still a substantial payout for associates across the U.S. and London
Key points:
• Payment date: New York and D.C. associates will receive bonuses on 12 December (with no hours requirement).
• London: Payments will land a week later.
• Market impact: Cravath’s announcement traditionally sets the pace — and partners across the Am Law 100 will now be preparing their match.
At least one firm has already followed. Paul Hastings announced year-end and special bonuses shortly after Cravath on Tuesday, adopting the same scale, according to a bonus table shared internally.
Milbank kicked things off in August with summer bonuses payable 30 September. Cravath has now matched those figures in full and added its year-end scale, formally starting the 2025 bonus cycle.
Expect the usual sequence to follow: Davis Polk, Paul Weiss, Latham & Watkins and the broader U.S. market are all likely to match in the coming days.
Bonus season has begun — and the market now waits for the dominoes to fall.
