Associate Bonus Watch 2010, Biglaw, Bonuses, Money

Associate Bonus Watch: Proskauer Rose Will Pay Spring Bonuses

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On Friday, Ropes & Gray and Latham announced spring bonuses. This morning we heard from Kirkland & Ellis. Firms are finally getting the message: spring bonuses are what big firms are doing this year.

So let’s keep the good times rolling. Earlier today, Proskauer Rose announced that it would be joining the spring bonus mania. And like many of the recent spring bonus firms, Proskauer is spreading the love beyond New York: L.A., D.C., and Chicago are all getting in on the spring bonuses.

(You hear that, Gibson Dunn?)

Let’s learn more about the Proskauer spring bounty, and see the memo….

The memo from Proskauer tells associates that they’ll be getting the Cravath scale spring bonuses, and they’ll be getting their money on April 29 (the most popular day for payment).

The Proskauer message has a nice touch. Some firms have been like “here’s your stinking money, associates.” But Proskauer took the time to say something nice to its employees:

Sponsored

We recognize that the Firm has been extremely busy and that many of you have made extraordinary personal sacrifices to deliver first rate legal services to our clients and to contribute to other projects and initiatives of great importance to our Firm. We are pleased to have so many committed and talented associates and, on behalf of the entire Firm, we thank you for your efforts.

Aww, that’s nice. You can read the full memo below (and you can note that Proskauer is paying a spring bonus to the class of 2010). Tipsters also report that associates will be eligible for the spring bonus based on their hours over the past 12 months (as opposed to their 2010 hours).

Looks like it will be a very happy Monday for Proskauer associates.

PROSKAUER ROSE — MEMORANDUM — SPRING BONUSES

Sponsored

We are pleased to announce that we will be paying a special spring bonus to our associates. In Boston, Chicago, Los Angeles, New York and Washington, the bonus amounts are as follows:

Class of 2010 $2,500
Class of 2009 $7,500
Class of 2008 $10,000
Class of 2007 $15,000
Class of 2006 $20,000
Class of 2005 $20,000
Class of 2004 $20,000
Class of 2003 $20,000

The bonus ranges in offices outside these markets will be on a scale appropriate for those markets. All bonuses will be awarded to associates whose performance and productivity over the past twelve months (inclusive of client billable, legal nonbillable, pro bono and accommodation hours) meet the Firm’s standards for attorneys of their seniority. Bonuses for associates in the Class of 2002 and beyond will be determined on a case by case basis.

The bonuses will be paid by direct deposit on April 29 to eligible associates currently employed by the Firm who remain in good standing on April 29. The bonuses paid to eligible associates who joined us during the past year, or who were on reduced schedules or approved leaves, will be pro rated appropriately. Members of the Class of 2010 who joined the Firm in November 2010 will not be subject to pro ration. We recognize that the Firm has been extremely busy and that many of you have made extraordinary personal sacrifices to deliver first rate legal services to our clients and to contribute to other projects and initiatives of great importance to our Firm. We are pleased to have so many committed and talented associates and, on behalf of the entire Firm, we thank you for your efforts.

Earlier: Prior ATL coverage of spring bonuses

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