Gjerset & Lorenz, a healthcare boutique in Austin, TX, offers starting salaries for the Class of 2024 at $265K, surpassing the Cravath scale by $15K-$40K, with a commitment to adjusting salaries based on market trends.

Baker McKenzie is focusing on growth, especially in New York and North America, offering lateral partners two- to three-year compensation guarantees (cash or shares) to boost profits per equity partner (PEP).
An ATL survey of over 700 lawyers, primarily from AmLaw 100 firms, found higher compensation (61%) and better work-life balance (57%) as the top reasons for considering lateral moves.
For attorneys staying at their current firms, compensation (58%) was the main reason, followed by a positive work environment (48%) and work-life balance (39%).
Law firm bill rates: YTD bill rates have increased by 8.4% for AmLaw 100 firms, 5.9% for AmLaw 200 firms, and 5.6% for midsize firms [Thomson Reuters Institute’s Law Firm Rates in 2024 ]
In-house department budgets: 61% of General Counsels expect their legal department budgets to increase by an average of 5% in 2025 [Axiom’s 2025 In-House Legal Budgeting Report]
In-house signing bonuses: Large public companies are increasingly offering substantial signing bonuses in addition to attractive pay packages. The focus is shifting toward external hires over internal promotions, and these bonuses are driven by intense competition for top talent.
Milbank released seniority-based summer bonuses ranging from $6,000 to $25,000. For context, firms traditionally offered a single year-end bonus. However, in 2021, many firms introduced mid-year or special discretionary bonuses due to a surge in mergers and acquisitions and intense competition for associate talent. Although the M&A market has cooled recently, there is a growing demand for legal work in corporate transactions and sustained interest in counter-cyclical practices such as litigation and bankruptcy – This is a great sign for a healthy lateral market. Other firms that offered summer bonuses are Desmarais and Hueston Hennigan.
McGuireWoods issued a new bonus policy for 2025 that heavily incentivizes big billers. Depending on performance, bonuses can range from $40,000-$130,000 (approx.) for the same class year.