Associate Bonus Watch 2007, Biglaw, Bonuses, McKee Nelson, Money, Skaddenfreude

Associate Bonus Watch: McKee Nelson Matches Announces

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The firm of McKee Nelson — which has been having some issues, thanks to the credit crunch, but is making valiant efforts to deal with them — just announced its standard bonus scale. It is availing itself of the fig leaf provided by Cravath’s bifurcated bonus scheme: it’s not paying “special” bonuses, just regular year-end bonuses.
As explained in the memo:

[A]n individual associate’s bonus will be determined by the quality of such associate’s work, his or her overall contribution to the Firm, and the number of billable hours worked. [B]ased on these factors certain associates will receive more than, and others less than, the standard scale for their class.

Full memo from Bill Will Nelson, after the jump.


From: William Nelson
To: Associates ALL
Cc: Partners ALL
Sent: Mon Nov 05 13:40:11 2007
Subject: 2007 Associate Bonuses
We are pleased to announce the 2007 standard bonus scale for associates at the amounts set forth below. The bonus scale is pro rated for those who joined the Firm after January 1, 2007.
Class of 2007-$30,000
Class of 2006-$35,000
Class of 2005-$40,000
Class of 2004-$45,000
Class of 2003-$50,000
Class of 2002-$55,000
Class of 2001 and above-$65,000
Consistent with our policy, an individual associate’s bonus will be determined by the quality of such associate’s work, his or her overall contribution to the Firm, and the number of billable hours worked. As was the case last year, we expect that based on these factors certain associates will receive more than, and others less than, the standard scale for their class. Bonuses will paid on December 21st to attorneys employed by the Firm on such date.
For capital markets attorneys who participate in the voluntary program and pursue other options prior to December 7th, the Firm will pay those attorneys the standard bonus set forth above for their class on the date of departure from the Firm because the associate evaluation process will not have been completed by such date.
We appreciate your hard work and dedication the Firm and our clients. Thank you.

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