Biglaw Bonus Season 2024: Cravath and Paul Hastings Announce Competitive Compensation
The 2024 bonus season is heating up as two Biglaw heavyweights—Cravath, Swaine & Moore, and Paul Hastings—reveal their year-end and special bonus structures. Both firms have adopted competitive bonus scales, setting benchmarks that reflect their recognition of associates’ hard work and their financial successes in 2023. Here’s a comprehensive look at how these firms stack up.
Cravath's Bonus Breakdown: Recognizing Excellence Across the Board
Cravath’s bonus structure continues to solidify its position as a compensation leader in Biglaw. Associates across all class years will receive robust year-end and special bonuses.
Year-End Bonus Scale
- Class of 2024: $15,000
- Class of 2023: $20,000
- Class of 2022: $30,000
- Class of 2021: $57,500
- Class of 2020: $75,000
- Class of 2019: $90,000
- Class of 2018: $105,000
- Class of 2017+: $115,000
Special Bonus Scale
- Class of 2024: $6,000
- Class of 2023: $6,000
- Class of 2022: $10,000
- Class of 2021: $15,000
- Class of 2020: $20,000
- Class of 2019: $25,000
- Class of 2018: $25,000
- Class of 2017+: $25,000
Key Highlights
- A Class of 2021 associate will receive $72,500 when year-end and special bonuses are combined.
- A Class of 2018 associate will take home $130,000 in bonuses.
Cravath has maintained its tradition of offering bonuses without requiring specific billable hour thresholds, ensuring its associates feel valued regardless of individual metrics.
Paul Hastings Joins the Fray with Milbank-Matched Bonuses
Paul Hastings, fresh off a stellar financial year with $1.81 billion in gross revenue and $5.4 million in profits per equity partner, has also announced year-end and special bonuses aligned with Milbank’s scale.
Year-End Bonus Scale
- Class of 2024: $15,000
- Class of 2023: $20,000
- Class of 2022: $30,000
- Class of 2021: $57,500
- Class of 2020: $75,000
- Class of 2019: $90,000
- Class of 2018: $105,000
- Class of 2017+: $115,000
Special Bonus Scale
- Class of 2024: $6,000
- Class of 2023: $6,000
- Class of 2022: $10,000
- Class of 2021: $15,000
- Class of 2020: $20,500
- Class of 2019: $25,000
- Class of 2018: $25,000
- Class of 2017+: $25,000
Total Combined Bonuses for 2024
- Class of 2024: $21,000
- Class of 2023: $26,000
- Class of 2022: $40,000
- Class of 2021: $72,500
- Class of 2020: $95,000
- Class of 2019: $115,000
- Class of 2018: $130,000
- Class of 2017+: $140,000
With these numbers, Paul Hastings ensures its associates remain among the highest compensated in the industry, rewarding their efforts and loyalty.
Bonus Payout Schedules and Key Trends
Cravath:
- New York and D.C. offices will receive payments on December 13, 2024.
- London-based associates can expect their bonuses on December 16, 2024.
Paul Hastings:
- Payout schedules have not been formally announced but are expected to align with industry norms.
The Bigger Picture: Biglaw Compensation Trends
The announcements from Cravath and Paul Hastings underscore the intense competition among top firms to attract and retain legal talent. By matching or exceeding Milbank’s bonus scale, these firms set the stage for others to follow suit.
Associates at both firms can take pride in their well-deserved compensation, while the broader legal community anticipates further bonus announcements in the coming weeks.
Congratulations to the associates at Cravath and Paul Hastings. Your hard work and dedication continue to shape Biglaw's future!
