Here are two updates about clerkship bonuses (a subject of interest to a limited group of readers — but those who care REALLY care):
2. Akin Gump: In New York, the firm pays a $50,000 clerkship bonus. (We don’t know what they do in other offices.)
In addition, one tipster calls out WilmerHale for, well, trying to pull a Latham.
If you’d like to know why WilmerHale’s $35,000 clerkship bonus may not truly be a $35,000 clerkship bonus, read the rest of this post, after the jump.
From an informed source:
WilmerHale (DC) claims to pay a $35K clerkship bonus (which is increasingly looking below-market as is), but it really only pays a $30K bonus.
That’s because Wilmer pays all new associates a $5K “transition stipend.” For clerks, that “transition stipend” is rolled up into the clerkship bonus.
Below is an excerpt from Wilmer’s intranet for new associates:
Associates joining the firm directly after law school graduation receive a transition stipend in the gross amount of $5,000. This stipend is to cover some of your summer expenses and costs associated with traveling to begin work. Examples of expenses related to traveling to begin work include gas, tolls, lodging, airfare/car rental and meals incurred during your actual move. The transition stipend will be paid out at the end of May.
* Transition payment for judicial clerks is wrapped into the clerk bonus. The transition stipend portion will be paid out at the end of August, as long as you have completed your clerkship. The remaining bonus portion of the payment will be included in your first paycheck.
WilmerHale, consider yourselves busted.
Now that the firm “understand[s]… what the market is paying” — which is arguably $50K, but at the very least, a full $35K — will they do anything about it?