Just hours after Cravath unveiled its lavish year-end bonus scale, Paul Hastings has swiftly followed suit, marking the first major law firm to match the newly announced figures. This bold move underscores a competitive spirit within the Biglaw community, particularly as firms strive to attract and retain top legal talent.

Cravath's bonus announcement, which includes substantial year-end and special bonuses originally set by Milbank earlier this year, has set a high benchmark in the legal industry. Not to be outdone, Paul Hastings, whose gross revenue soared to over $2.2 billion with profits per equity partner reaching $6.7 million in 2024, has adopted the Cravath scale in full.

The detailed bonus scale at Paul Hastings for the year-end payouts is as follows: - Class of 2024 – $20,000 - Class of 2023 – $30,000 - Class of 2022 – $57,500 - Class of 2021 – $75,000 - Class of 2020 – $90,000 - Class of 2019 – $105,000 - Class of 2018 and beyond – $115,000

Moreover, Paul Hastings has decided to match Milbank’s special bonus scale, further enhancing the total compensation for its associates: - Class of 2024 – $6,000 - Class of 2023 – $10,000 - Class of 2022 – $15,000 - Class of 2021 – $20,000 - Class of 2020 – $25,000 - Class of 2019 and earlier – $25,000

This strategic alignment with Cravath's bonus structure not only highlights Paul Hastings' commitment to its staff but also sets a new standard for other firms in the sector. Congratulations to everyone at Paul Hastings for this well-deserved recognition and reward.

As the bonus season progresses, we continue to rely on tips from our readers to stay updated on compensation trends across firms. If your firm announces or matches bonuses, please do not hesitate to contact us directly. Your contributions help us keep the legal community informed and connected.

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The competitive landscape in Biglaw is heating up as firms position themselves as top employers. With Paul Hastings setting a significant precedent, it will be intriguing to see how other firms respond during this bonus season.