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Associates at both Biglaw and boutique law firms are looking forward to a festive season with heftier bank accounts, thanks to the year-end and special bonuses pioneered by Milbank. This generosity has sparked a wave of competitive bonuses across the legal industry.
Rolnick Kramer Sadighi Leads the Way
One boutique firm making headlines for its financial generosity is Rolnick Kramer Sadighi (RKS), a New York-based litigation boutique specializing in investment fund disputes. Celebrating its fourth year in operation, the firm recently took to LinkedIn to announce its impressive bonus structure for associates and counsel. According to the firm, this marks “the second time in three years” that their bonuses have surpassed the Cravath/Milbank year-end and special bonus benchmarks.
The Market Standard for Bonuses
To provide context, here is the industry-standard bonus scale established by firms like Cravath and Milbank:
- Class of 2024: $15,000 (year-end) + $6,000 (special bonus)
- Class of 2023: $20,000 (year-end) + $6,000 (special bonus)
- Class of 2022: $30,000 (year-end) + $10,000 (special bonus)
- Class of 2021: $57,500 (year-end) + $15,000 (special bonus)
- Class of 2020: $75,000 (year-end) + $20,000 (special bonus)
- Class of 2019: $90,000 (year-end) + $25,000 (special bonus)
- Class of 2018: $105,000 (year-end) + $25,000 (special bonus)
- Class of 2017 and earlier: $115,000 (year-end) + $25,000 (special bonus)
RKS has confirmed that their associates and counsel are receiving bonuses above these impressive amounts, underscoring their commitment to rewarding talent and hard work.
A Strong Message in a Competitive Market
The legal profession is known for its demanding hours and high expectations, making these bonuses a meaningful acknowledgment of associates’ contributions. By surpassing industry standards, RKS sends a strong signal about its dedication to attracting and retaining top-tier talent. This move not only reflects the firm’s financial success but also highlights its recognition of the pivotal role associates and counsel play in driving that success.
A Bright Future for Associates
Rolnick Kramer Sadighi’s announcement has undoubtedly added cheer to the holiday season for its associates. With bonuses exceeding market rates, the firm has set a high bar for others to follow. Congratulations to all RKS associates and counsel for their well-deserved rewards, and here’s to a prosperous new year for all involved!
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