Associate Bonus Watch: Ropes & Gray Announces Spring Bonuses!

Happy Friday! And happy is right — the spring bonus news continues to roll in.

The latest firm to share the wealth with its associates is Ropes & Gray. The spring bonus news is much cheerier than the Ropes news from earlier today (although note the updates appended to that post, highlighting comments skeptical of plaintiff Patricia Martone’s claims).

So, yes, the Ropes springtime bonuses. The scale being used has the Cravath numbers on it, but there are some caveats and qualifiers.

In terms of overall bonus compensation, some R&G associates will do better than their Cravath counterparts, and some will do worse….

We’ve reprinted the full memo, from management committee chair R. Bradford Malt and managing partner John T. Montgomery, at the end of this post. Here’s the key language, relating to the hours requirement:

Bonuses will be paid to associates who achieved our targeted activity level of 1,900 billable and pro bono hours during 2010. For purposes of calculating activity level, we will use the greater of hours recorded during the 2010 review period (the 12 months ending October 31, 2010) or during calendar year 2010.

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(One of our tipsters wonders: “Query if those below 1900 get lower bonuses (like they did for year-end) or not. I don’t think there were many in the class of 2009, which started in January 2010, who hit the full 1900.”)

All associates who earn the supplemental bonus will be paid the full amount indicated above. The result will be that associates who earned more than the prevailing market rate at year end will continue to be compensated at a rate above the market scale.

Translation: strong performers at Ropes, who previously received Cravath-beating year-end bonuses, will end up at a higher overall compensation level than the Cravath-set market.

The remaining details are fairly standard: the bonuses will be paid on April 29, and they’ll be prorated for associates who joined during 2010.

Congratulations, Ropes associates. Treat yourself to something fun this weekend to celebrate.

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ROPES & GRAY — MEMORANDUM — SPRING BONUSES

The firm will pay a special supplemental bonus with respect to 2010 to eligible partnership-track associates as follows:

Bonuses will be paid to associates who achieved our targeted activity level of 1,900 billable and pro bono hours during 2010. For purposes of calculating activity level, we will use the greater of hours recorded during the 2010 review period (the 12 months ending October 31, 2010) or during calendar year 2010.

All associates who earn the supplemental bonus will be paid the full amount indicated above. The result will be that associates who earned more than the prevailing market rate at year end will continue to be compensated at a rate above the market scale.

The bonus will be paid by direct deposit on April 29 to eligible associates who are employed by the firm and in good standing on that date. Supplemental bonuses for associates who joined us during 2010 or who were on reduced schedules during the year will be prorated appropriately. Our career associates and London associates are compensated in accordance with their respective markets, so their compensation will be different.

It is our privilege to work with such talented professionals, and we thank you for all that you contribute to the work and life of the firm.

R. Bradford Malt

John T. Montgomery


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