Hold on to your hats and wallets, legal eagles! Covington & Burling has officially thrown their hat into the ring, joining the ranks of prestigious law firms matching year-end and special bonuses. Just days after Cravath set the bonus bar steady with their now-familiar scale, Covington announced on Friday that they are toeing the line, ensuring their associates will have a little extra to smile about this holiday season.

The announcement from Covington follows a trend set by Milbank earlier in the summer, when they introduced special bonuses, adding a cherry on top of the standard year-end rewards. Covington’s commitment to matching both bonuses sets a tone of generosity and competition among top law firms aiming to retain and reward their hardworking associates.

Here’s what you need to know about the bonus scales: while specifics weren't disclosed in Covington's brief announcement, they are expected to align closely with the industry standards set by Cravath and Milbank. This move is anticipated to influence other firms who are still on the fence about their bonus structures for the year.

Above the Law relies on the legal community for updates on such critical compensation trends. If your firm is matching—or not matching—these bonuses, reach out via text (646-820-8477) or email ([email protected] with a subject line “[Firm Name] Matches”). Your insights help keep the legal sector informed and transparent. You can also send a photo of the memo detailing the bonuses if you prefer not to forward the original document.

For those keen on staying updated with real-time announcements on law firm bonuses and salaries, ATL’s Bonus Alerts are an invaluable resource. If you’ve previously signed up, rest easy; you’ll get notifications directly to your inbox the moment new bonus news breaks.

In a season often marked by reflection and forward planning, Covington’s announcement is a clear signal to its associates and competitors alike: they value the dedication of their team and are not shy about showing it through their willingness to reward hard work generously. As the bonus season unfolds, all eyes will be on other leading firms to see how they respond to the standard now set by Covington, Cravath, and Milbank.