And associates appear to be happy too. Bonuses for 2012 were just announced at MWE, and the general reaction is positive.
McDermott traditionally announces bonuses later than many other firms. It seems that the latest MWE bonuses were worth waiting for….
As we explained last year, McDermott Will bonuses are individualized, so it’s hard to get an overall sense of how they were. But the readers we’ve heard from seem happy. For example (we’ve added some vagueness to protect tipster confidentiality):
McDermott bonuses announced. Each is individual and some will be below market and unhappy while others will be at or above market and happy. [Senior] associate, [more than $10K] above market. Happy.
From farther down the seniority chain:
The firm was generous again this year. Junior associate. Total compensation (salary plus bonus) for 2012 was in excess of [$25,000] over market.
Finally, here’s what a California-based associate told us:
Most seem happy. My total comp for 2012 was higher than market for my class. Billed [more than 2000] hours.
We reached out to the firm for comment on the McDermott bonuses. A spokesperson issued this statement:
McDermott’s bonus system is a merit-based system in which we evaluate and make bonus awards on an individual basis. In addition, our focus is not on the bonus, as such, but on an Associate’s total compensation, which for top performers can exceed the total compensation of Associates at the highest-paid lock-step firms. It’s a highly individualized system that rewards excellence and performance.
And it seems that those rewards were robust, at least based on the readers we heard from. Congratulations to the MWE associates on their healthy total compensation.
McDermott Jumps 19 Places on List of Top U.S. Law Firm Brands [McDermott Will & Emery (press release)]