As the spooky season approaches and Halloween decorations go up, the legal community is abuzz with something far more exciting than candy and costumes: the anticipation of Biglaw’s year-end bonuses. With a tradition of lavish year-end payouts, 2025 looks promising despite a hiatus in Milbank’s special summer bonuses earlier this year.

In 2024, the bonus structure was generous across various seniority levels, with figures ranging from $15,000 for the newest associates to a hefty $115,000 for those seasoned from the class of 2017 and earlier. This set a high bar, and current expectations are echoing this sentiment. A recent survey revealed that 63% of associates predict no change from last year's bonus, while an optimistic 34% foresee even larger sums.

The question on everyone’s mind is whether firms will only match the previous year-end bonuses or if they will sweeten the deal with special bonuses. Last year, only 49% of associates believed their firms would match Milbank’s special bonuses, but this year, confidence has surged to 75%. The stakes are high, and any deviation could lead to significant disappointment and unrest within the ranks.

The anticipation isn't just about the numbers. Associates are keenly watching the calendar, with historical data showing that bonus announcements typically fall in November. Based on past trends, most associates believe the reveal will occur just before Thanksgiving, aligning with previous years' timings, particularly those influenced by firms like Cravath and Baker McKenzie.

Furthermore, associates are not just passive recipients this bonus season. Many are hustling hard, with billing hours on track to meet, if not exceed, their previous records. About 45% are expected to bill more than 2,000 hours, maintaining the rigorous pace set in 2024. High billers might not only look forward to standard bonuses but also additional perks like origination credits and exclusive vacation packages, enhancing the allure of hitting and surpassing billable targets.

As we edge closer to the bonus announcements, the legal community remains on high alert. The expectations are set, the precedents are known, and now it’s a waiting game that could either uphold the tradition of generosity or introduce a new narrative in Biglaw’s approach to rewarding its tireless associates. Stay tuned, as the outcomes of this bonus season are bound to set the tone for Biglaw’s financial and operational strategies in the upcoming year.