We are pleased to announce that we will be paying base bonuses for 2008 to associates in each of our U.S. offices as set forth below. The following base bonuses will be payable to those qualified associates in good standing at the time the bonuses are paid who have 1950 hours (billable, pro bono and nonbillable in accordance with past practices) in 2008.
Class of 2007: $17,500
Class of 2006: $20,000
Class of 2005: $22,500
Class of 2004: $25,000
Class of 2003: $27,500
Class of 2002: $30,000
Class of 2001: $32,500
Class of 2000: $32,500
For high billers, the payouts increase:
We will be paying additional bonuses for the associates receiving the base bonuses who have billed 2200 hours, 2350 and 2500 hours. We will pay $7500 for each level attained.
Stub first years will take home five grand and like it:
Associates in the Class of 2008 will receive $5,000 without regard to hours.
And there is even more good news:
We have determined that, despite the difficult outlook for 2009, we will progress salaries for associates consistent with past practice.
All the layoff news must be unsettling for the people working at Dechert. This bonus announcement will probably help morale.
Read the full memo after the jump.