Milbank, a prominent U.S. law firm known for leading associate compensation trends, announced on August 7, 2025, that it will pay special summer bonuses to associates and special counsel. These seniority-based bonuses reach up to $25,000, recognizing exceptional efforts during the period. This marks the second consecutive year Milbank has implemented such bonus payments. The move comes amid a broader industry context where BigLaw firms are facing increasing costs and lower collections, leading to cautious outlooks despite busy workloads. The legal sector, particularly tax law firms, remains active, with some firms considering hiring former federal employees to manage demand.