I. 2025 Total Compensation Benchmarks (Base + Bonus)
Figures represent total compensation for "Top Bucket" performance.
Title | Bulge Bracket | Elite Boutique | Middle Market |
Analyst 1 | $180K – $220K | $210K – $275K+ | $150K – $185K |
Analyst 2 | $210K – $265K | $250K – $300K+ | $185K – $230K |
Analyst 3 | $240K – $290K | $285K – $350K+ | $215K – $260K |
Associate 1 | $275K – $375K | $350K – $450K+ | $250K – $340K |
Associate 2 | $350K – $450K | $425K – $550K+ | $310K – $400K |
Associate 3 | $400K – $525K | $500K – $650K+ | $350K – $475K |
Vice President 1 | $500K – $750K | $650K – $850K+ | $400K – $600K |
Vice President 2 | $550K – $700K | $680K – $850K+ | $450K – $600K |
Vice President 3 | $650K – $825K | $750K – $950K+ | $550K – $725K |
Managing Director | $800K – $1.6M+ | $1.2M – $2.5M+ | $600K – $1.1M+ |
2. The MD "Pay Split" (Cash vs. Stock)
Analyst/Associate Level: Bonuses remain 100% cash.
Managing Director Level: Deferrals (Performance Stock Units/Restricted Stock) now routinely exceed 50% of total incentive.
3. New Regulatory Hurdles (2026 Compliance)
Retention strategies are being redesigned to comply with landmark legislation:
CA AB 692 (Stay-or-Pay Law): Restricts the ability to claw back sign-on/retention bonuses. Repayments must be prorated over no more than two years and documented separately from the primary contract.
NY Trapped at Work Act (TAWA): Explicitly allows for the repayment of sign-on bonuses (if not tied to performance) but prevents firms from requiring accelerated repayment upon departure.
4. Risk & Performance Provisions
Clawback Duration: Scope is expanding to cover reputational harm, with windows reaching 5 to 7 years at major institutions.
Garden Leave: Standardizing at 90 days for Directors and MDs to act as a barrier to immediate lateral movement.
Sources: NYC Comptroller 2025 Forecast, Littler (TAWA), Akin Gump (CA AB 692), Johnson Associates, Wall Street Oasis, and eFinancialCareers.
