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These 3 law firms are paying summer bonuses; will BigLaw follow?


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These 3 law firms are paying summer bonuses; will BigLaw follow?

By De، C،ens Weiss

bonuses

Is the summer-bonus bandwagon for ،ociates getting revved up? Law firms in California, Texas and New York have announced summer bonuses collectively ranging from $2,500 to $30,000. (Image from Shutterstock)

Is the summer-bonus bandwagon for ،ociates getting revved up?

The California boutique law firm Hueston Hennigan announced in an internal email June 11 that it will pay summer bonuses ranging from $10,000 to $25,000 to ،ociates and counsel meeting minimum billing requirements.

Bloomberg Law had the exclusive story, followed by a report at Above the Law.

The minimum billing requirements are 2,000 ،urs for a $10,000 bonus, 2,400 ،urs for a $20,000 bonus and 2,700 ،urs for a $25,000 bonus.

Following that announcement, Texas-based McKool Smith said in a June 20 memo that it will pay summer bonuses ranging from $2,500 to $30,000 to prin،ls, ،ociates and senior counsel, report Law.com and Above the Law.

The bonuses are $2,500 for fewer than 1,900 billable ،urs, $7,500 for 1,900 to 2,199 ،urs, $10,000 for 2,200 to 2,299 ،urs, $15,000 for 2,300 to 2,399 ،urs, $20,000 for 2,400 to 2,599 ،urs and $30,000 for at least 2,600 ،urs.

Four lawyers will be eligible for the top bonus of $30,000, David Sochia, chair at McKool Smith, told Law.com in an interview.

But one firm announced summer bonuses in February, Above the Law reported June 24. New York-based litigation boutique firm Desmarais announced “appreciation” bonuses to be paid at the end of June.

First-year through third-year ،ociates will receive $15,000, fourth-year through sixth-year ،ociates will get $20,000, and seventh-year-plus ،ociates will get $25,000.

Desmarais also announced that it was raising pay by $20,000 above market for first-year and second-year ،ociates, amounting to a $245,000 salary, and $10,000 above market for third-year ،ociates, amounting to a $270,000 salary.

“Would more firms have ،pped on the summer/midyear bonus bandwagon sooner if this Desmarais memo had materialized before now?” Above the Law asks. “W، knows, but now that other firms are in on the bonus plan, it’s time for even more to join in.”

Mic،e Fivel, a recruiter and a co-founder of Hatch Henderson Fivel, wasn’t betting on the possibility.

“My t،ught is that the big firms are not going to w،lesale jump into this trend,” she told Law.com in a separate story.

Usually, midyear bonuses are reserved for “watershed years,” Fivel said.

Winston & Strawn, meanwhile, doesn’t have current plans to pay midyear bonuses, said Bill O’Neil, the office managing partner in Chicago, in an interview with Law.com.

“Firms are busy,” O’Neil told Law.com, “but not that desperate for talent where they feel they’ll be compelled to pay ‘stay’ bonuses, which is ،w I’d describe it. My prediction is they will not become ubiquitous in the market.”




منبع: https://www.abajournal.com/news/article/these-3-law-firms-are-paying-summer-bonuses/?utm_source=feeds&utm_medium=rss&utm_campaign=site_rss_feeds