On Monday, a bonus announcement was made by Morrison & Foerster, in an email from chair Keith Wetmore. In New York, the firm is matching the Cravath scale, which is not terribly surprising.
In addition, New York associates will receive a “contribution bonus” to make them whole for the 2009 salary freeze. This was previously spelled out in the February 2009 memo that announced the freeze.
As for the rest of the firm, aside from the indication that there will indeed be bonuses for non-NY associates, it’s something of a non-announcement. MoFo associates outside New York who hit their hours in 2009 will receive bonuses based on a combination of seniority, hours, and performance. These bonuses will be communicated and paid in February 2010.
The full memo, plus discussion of MoFo’s new partner announcement, after the jump.
In December 2009 the firm announced 12 new partners, effective January 2010. This represented an increase from the 10 new partners announced last year.
The 2010 new partner class seems to reflect a shift towards litigation. In the prior partner class, seven out of the ten new partners, or 70 percent, came from the Business Department. In this latest class, in contrast, just four out of the twelve came from the Business Department (congrats to Masato Hayakawa, our law school classmate). Of the remaining eight, six came from the Litigation Department and two came from the Tax Department (tax controversy).
The MoFo bonus memo appears below.
Morrison & Foerster Elects 12 Attorneys to Partnership [Morrison & Foerster]
Morrison & Foerster Elects 10 Attorneys to Partnership [Morrison & Foerster]
Earlier: Associate Bonus Watch – 2009