Summer
bonuses
have
been
anything
but
predictable
this
year.
Milbank
kicked
things
off
in
early
August,
announcing
that
it
would
be handing
out
special
bonuses to
associates,
but
the
rest
of
Biglaw
has
been
slow
—
even
reluctant
—
to
follow.
A
handful
of
firms
eventually
stepped
up
with
matches,
while
others
have
stayed
silent,
leaving
associates
frustrated
as
the
summer
draws
to
a
close.
Against
that
backdrop
of
hesitation,
one
unexpected
firm
has
now
shaken
things
up
with
not
just
a
bonus
match,
but
a
salary
increase
to
boot.
That
firm
is
Axinn.
Known
more
for
its
strong
niche
practices
than
for
making
headlines
in
the
compensation
wars,
Axinn
stunned
the
market
today
by
matching
Milbank’s
summer
bonuses
and
raising
associate
salaries.
It’s
a
bold
move
from
a
firm
that
hasn’t
historically
been
part
of
the
Biglaw
pay
conversation,
and
it
immediately
raises
the
question:
if
Axinn
can
step
up,
why
can’t
everyone
else?
Here’s
what
the
firm’s
new
salary
scale
looks
like:
First-years
to
$250K?!
Eighth-years
to
$460K?!
Talk
about
a
nice
paycheck!
Wow!
These
type
of
numbers
are
enough
to
make
Biglaw
blush,
but
will
anyone
match
to
come
out
ahead
as
a
true
compensation
leader
like
Axinn?
Traditionally,
Axinn
hasn’t
been
the
one
to
lead
the
compensation
conversation,
so
this
move
is
especially
surprising.
Matching
Milbank’s
bonus
structure
was
newsworthy
enough,
but
throwing
in
a
huge
salary
bump
puts
Axinn
in
a
whole
new
category
of
competitiveness.
For
associates,
that
means
not
just
a
nice
summer
cash
infusion,
but
a
raise
that
signals
the
firm
is
serious
about
retention.
The
real
question
is
whether
this
will
put
pressure
on
other
firms
that
have
been
dragging
their
feet.
If
Axinn
is
willing
to
step
up,
what
excuse
do
the
bigger,
more
profitable
firms
have
for
holding
back?
Associates
are
watching
closely,
and
patience
is
wearing
thin.
Congratulations
to
everyone
at
Axinn!
Let’s
see
if
this
surprise
salary
increase
will
be
enough
to
move
the
market.
(Flip
to
the
next
page
to
see
the
full
memo
from
Axinn.)
Remember
everyone,
we
depend
on
your
tips
to
stay
on
top
of
this
stuff.
So
when
your
firm
matches,
please
text
us
(646-820-8477)
or email
us (subject
line:
“[Firm
Name]
Summer
Bonuses”).
Please
include
the
memo
if
available.
You
can
take
a
photo
of
the
memo
and
send
it
via
text
or
email
if
you
don’t
want
to
forward
the
original
PDF
or
Word
file.
And
if
you’d
like
to
sign
up
for
ATL’s
Bonus
Alerts
(which
is
the
alert
list
we’ll
also
use
for
salary
announcements),
please
scroll
down
and
enter
your
email
address
in
the
box
below
this
post.
If
you
previously
signed
up
for
the
bonus
alerts,
you
don’t
need
to
do
anything.
You’ll
receive
an
email
notification
within
minutes
of
each
bonus
announcement
that
we
publish.
Staci
Zaretsky is
the
managing
editor
of
Above
the
Law,
where
she’s
worked
since
2011.
She’d
love
to
hear
from
you,
so
please
feel
free
to
email
her
with
any
tips,
questions,
comments,
or
critiques.
You
can
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