Transitions, New Beginnings and Celebrations

The MLA Minute recaps recent insights shared by our recruiters and search consultants, along with some company updates.

A Look at Law Firms

Last week's announcement from Milbank about year-end associate bonuses made the news across multiple publications. In The American Lawyer, Stephanie Biderman noted, "Given the history of these firms paying the same associate compensation, at least at the top of the market, my thought with what we were going to see happen this year was the other firms were going to kind of take that special bonus into their year-end bonus numbers. Time will tell, and we'll see if that's actually what happens." Darin Morgan commented on whether or not salary increases would follow, "That is hard to project. There have been several salary bumps in the 'Cravath scale' the past few years. While it is possible an industry leader raises salaries, there is also the option that someone may increase the bonus scale while leaving salaries static, or potentially offer special bonuses mid-year." https://bit.ly/4fD1bQH

Bloomberg Law also wrote on the announcement and reached out to Ru Bhatt for input on how other BigLaw firms will respond, "The special bonuses that happened this summer were a surprise to most. I expect other firms to match the bonus numbers and for the firms that are competitive with Milbank, they’re likely going to put that special bonus number into the final bonus package." https://bit.ly/3CPq5hd

In-House Insights

How will the US presidential election results impact the global economy and companies looking to grow and expand in the United States? We discussed this at an event in London last week with Becker & Poliakoff, P.A.. Thanks to Gabriel Monzon Cortarelli and Amanda Wood, who shared their expertise, tackled tough audience questions and even broke news on senior appointments. We appreciate everyone who joined us for this engaging evening!

Inside MLA

👏 Three cheers for Marc Ben-Canaan as he steps into his new role as Chief Compliance Officer at Houlihan Lokey. We enjoyed collaborating with you and wish you all the best in your new journey. And a big high-five to Peggy-Jean PJ Harari for a well-led search. 👏https://bit.ly/3Czta53

We enjoyed working on this project with you, Emmet Ong, and wish you all the best in your new role. Well done to Carol Morganstern and the team on a successful placement!

Employees at several of our MLA offices paused in recent weeks to gather together for some "Friendsgiving" luncheons. Click on the image above to see a photo recap. We hope everyone is beginning to feel the holiday spirit wherever you are based!