Before the New Year, associates in the New York office of Morrison & Foerster received their bonus news. Now it’s time for their colleagues outside of NYC to collect their cash.
In addition to the firm’s “standard productivity bonuses under the published 2007 compensation program,” MoFo is paying out (1) “a one-time bonus” (it sounds “special” to us), ranging from $10,000 – $20,000, to associates and certain of counsel who met or exceeded their hours requirements, and (2) merit bonuses, for “exemplary lawyering and exceptional teamwork,” ranging from $15,000 – $30,000.
Full memo, after the jump.
MORRISON & FOERSTER — MEMORANDUM — 2007 BONUSES FOR ASSOCIATES AND OF COUNSEL
To: Associates and Of Counsel
From: Keith Wetmore
Date: January 28, 2008
I am pleased to confirm that productivity and merit bonuses will be paid to all eligible attorneys on January 31, 2008. Across all offices, we are awarding bonuses totaling approximately $24 million in appreciation for the commitment and contribution of our associates and of counsel to the firm’s success in 2007.
In light of the strong performance the firm enjoyed in 2007, I am also pleased to announced that, in addition to our standard productivity bonuses under the published 2007 compensation program, the firm will pay a one-time bonus, ranging from $10,000 – $20,000 based on salary class, to associates and certain of counsel in U.S. offices (other than New York) who met or exceeded their minimum client service hours requirement (billable, pro bono, and legal services hours) during 2007. As with other bonuses, the bonus will be prorated for those who started or had a leave of absence during the year.
Merit bonuses are awarded for exemplary lawyering and exceptional teamwork to those selected through the 2007 annual evaluation process. The merit bonuses will range from $15,000 – $30,000 and recipients will be notified this week of their award. The dollar amount awarded depended solely on salary class. Approximately 30% of the eligible attorneys were awarded a merit bonus, comparable to the percentage in 2006. Merit bonuses were given to eligible attorneys in almost every practice area of the firm, in each associate salary class level, and in almost every office of the firm.
We remain committed to attracting and retaining the best lawyers, as you have proven yourselves to be. Thank you for your dedicated work on behalf of our clients in 2007. We look forward to working together to achieve continued success in 2008.
Keith C. Wetmore | Chair