Associates at Big Law firms are accustomed to a tradition: Whenever one law firm raises associate salaries or doles out a bonus, other firms scramble to match. But this year, something strange happened: A Wall Street law firm, Milbank LLP, in August gave out a special bonus, and none of its law firm competitors followed suit.

Bloomberg Law’s Roy Strom spoke with his colleague Meghan Tribe about what might happen next for associates' bonuses on this episode of our podcast, On The Merits, and how law firms' revenue this year compares to 2021, the last time associates reaped a windfall from a boom in work.

We also discuss whether associates across Big Law might still benefit from the special bonuses, which ranged from $6,000 to $25,000.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.