Associate Bonus Watch 2010, Biglaw, Bonuses, Dewey & LeBoeuf, Money

Associate Bonus Watch: Good News from Dewey & LeBoeuf

By  
on

Bonus news is starting to look like something we’ll be having all year long. Today, Dewey & LeBoeuf announced via teleconference that the firm will be paying out “spring bonuses,” along the top-of-the-line Cravath scale. These are on top of the regular Dewey bonuses that are being paid on April 1st.

Most of the other firms that are paying spring bonuses are making the payment on April 29th. But since Dewey is joining the fun a little bit late, it won’t be paying out the extra bonuses until July or August. Does that make them summer bonuses?

(And in case Dewey associates are wondering, no, nobody has invited me out to the Hamptons for Labor Day weekend this year.)

Tipsters who were on the bonus call report even more good news about bonuses at Dewey….

One tipster makes the good point that Dewey seems to be doing its best to make this bonus payment something the most associates can feel happy about:

Unlike other merit-based bonus firms extending the spring bonuses only to those who qualified for a bonus in 2010, Dewey is extending spring bonuses to those who either qualified in 2010 OR who hit half their bonus requirement by the end of the June, after accepting the recommendation made by the Associate Relations Committee to do just that.

Not only will the spring bonus payments cover more associates than other merit-based firms, they will also be paid in addition to “super” or “step up” bonuses paying above market that will be awarded both for 2010 and for 2011. Pretty generous and nice to know the Executive Committee is paying more money than required to meet the market and to more associates than required to meet the market.

Sponsored

The fact that Dewey is willing to take a look at 2011 hours is a big thing. Many of the firms with hours requirements that are paying spring bonuses at the end of April are basing the bonus on the 2010 hours numbers. So if you had a crappy 2010, that’s just following you well into the new year. Dewey might be paying the money a little bit later, but it’s also letting people work towards that spring bonus with a strong 2011.

Congratulations to the Dewey associates. Firms that are still trying to get away with avoiding spring bonuses altogether, take note: it’s not too late to make things right.

Earlier: Prior ATL coverage of bonuses

Sponsored

Bonus Time

Enter your email address to sign up for ATL's Bonus & Salary Increase Alerts.

Topics

, , , , ,