Akin Gump sent its bonus memo around the New York office yesterday. No real surprises. Akin is giving the “New York Market Bonus” to associates in good standing.
One bit of excitement is that “associates and counsel who performed in a truly exceptional manner in terms of both quality and productivity” may get “discretionary merit bonuses.” So if you’re an Akin NY associate who billed over 2400 hours this year, it may not have been done in vain.
The memo includes the increasingly common warning about a possible salary freeze come 2009. See the full memo, after the jump.
The Akin associate who sent along the memo focused on the last paragraph of the memo:
Note the end of the memo – are they contemplating freezing salaries?
Judge for yourself below.
AKIN GUMP 2008 BONUS MEMORANDUM
December 30, 2008
To: All New York Associates and Counsel
From: David H. Botter
CC: New York Partners
Re: 2008 Bonuses
In recognition of your efforts this year, and consistent with our continuing commitment to provide a competitive compensation package for our associates and counsel, the Firm is pleased to announce that associates and counsel in good standing in the Class of 2008 and senior will receive the NY Market Bonus set forth below.
NY Market Bonus
$17,500 (pro rated)
2001 and above
Bonuses for associates and counsel who do not qualify for the NY Market Bonus will be determined on a case-by-case basis. Bonuses will be pro-rated for associates and counsel who have started during the year, are on a reduced work-load schedule or who have had an approved leave during the past year.
In addition to the NY Market Bonus, consistent with prior years, for those associates and counsel who performed in a truly exceptional manner in terms of both quality and productivity, the Firm may award discretionary merit bonuses.
All of the above bonuses will be paid with the final January 2009 payroll.
Finally, we are in the process of reviewing 2009 associate and counsel compensation and expect to finalize our decision in early 2009.
Again, thank you all for all of your efforts.