Biglaw, Bonuses, Money

Associate Bonus Watch: Better Late Than Never

stack of bills cash money.jpgLaw firm bonus season ended some time ago. Most Biglaw shops paid out bonuses to their associates weeks ago.
But a few firms are still in the process of announcing and distributing the dough. For example, we hear that the Chicago office of Mayer Brown Rowe & Maw might not announce until next month.
Hughes Hubbard & Reed just announced its bonuses yesterday. They appear to be a bit below market (although the firm employs a “tiering” system that’s different from the bonus structure at most other places).
For those of you interested in non-New York compensation information, the Hughes Hubbard memo addresses L.A. and D.C. bonuses as well. Check it out, after the jump.

January 10, 2007
To: All New York, New Jersey, Los Angeles and Washington D.C. Associates
From: Personnel Committee cc: All Partners
Re: 2006 Bonuses; 2007 Salaries
As we head into the new year, we thank you for the quality of work and intensity of effort you have invested on behalf of the Firm and our clients. Many of you also devote significant time to pro bono matters, an area of great importance to the Firm. Your performance contributed greatly to a successful year in 2006. In recognition of these efforts, we plan to award bonuses to those associates who made significant contributions to the Firm. Eligibility criteria for bonuses are covered in OPM 404, which can be reviewed on the Firm intranet.
The range of bonuses for 2006 will be as follows:
· Class of ’05, ’04 and ’03
· Tier 1 bonus – up to $7,500
· Tier 2 bonus – up to $15,000
· Tier 3 bonus – up to $30,000
· Class of ’02 and above
· Tier 1 bonus – up to $20,000
· Tier 2 bonus – up to $40,000
· Tier 3 bonus – up to $60,000
In addition, we are pleased to announce a $10,000 increase in base salaries for all fifth- through ninth-year associates (i.e. , Classes of 1998-2002). We developed the new salary structure in consultation with the Associates Committee and members of the Associate Task Forces; it is retroactive to January 1, 2007.
We intend to begin associate performance reviews on January 17.
Earlier: Prior ATL coverage of bonuses (scroll down)

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