While law firm leaders may have rolled their eyes at Milbank’s summer associate bonuses last week, several industry observers said firms are now waiting to see if others match it, even if economic trends may not support the financial hit to their profits.
Representatives for many top law firms that have historically followed or even set an associate pay scale in recent years, including Davis Polk & Wardwell; Cravath, Swaine & Moore; and Baker McKenzie, did not return messages seeking comment on whether they would pay out any summer bonuses.
