The firm of Dewey & LeBoeuf — which, by the way, had a great 2007, with total firm revenue over $1 billion, and profits per partner of $1.57 million — just announced its new bonus policy. You can check out the full memo after the jump.
The new policy reconciles differences between the pre-merger firms. “Legacy Dewey” essentially gave billable-hours credit for all pro bono hours and firm-related activities (dubbed “Accountable Hours,” and including work on client alerts, business development, article research, summer associate recruiting events, etc.). “Legacy LeBoeuf” had a policy that was somewhat less generous, with limits on how much pro bono and firm-related work could be counted towards the hours cutoffs for bonuses.
One source views the new policy as a fair compromise (especially in light of a rumor that the firm was considering giving no credit for pro bono and firm activities). Also, since the firm is a bit slow right now, “if accountable hours didn’t count, we’d all be screwed for bonus.”
Speaking of D&L, we’re going to be writing about their closing of a few offices. If you have any info on that front, please feel free to email us.
Bonus policy memo, after the jump.
DEWEY & LEBOEUF — MEMORANDUM — 2008 COUNSEL AND ASSOCIATE BONUS PROGRAM