File this under the category of “better late than never.” Holland & Knight never adopted spring bonuses like other Biglaw firms. Why? Who knows. The firm didn’t want to play ball. Whatever.
Now the firm wants to put a little extra money into the pockets of Holland & Knight associates. Today, sources tell us that Holland & Knight announced it would be paying out a “fall” bonus. I guess it was a good summer at the firm.
But don’t get confused, this is supplemental money to the 2010 bonus, not an advance on the 2011 bonus. As we’ve already mentioned, firms are using 2011 revenue to pay for 2010 performance, so you really can’t count it against the 2011 bonus pool.
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And Holland & Knight acknowledges that….
We haven’t seen the full memo (you can send it into us via [email protected]), but our sources tell us that the bonus is just a little extra money for HK associates.
Our sources report that Holland & Knight will be paying $2,500 to first through fourth year associates, and $5,000 for fifth year associates and above.
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Hey, it’s about $350 from New York to Vegas for Columbus Day weekend, in case you have an extra $5,000 in your pocket.
But don’t let these small bonus numbers make you worry about the 2011 end-of-year bonus. The Holland & Knight memo included this language:
These bonus distributions are not in lieu of, or an advance against, 2011 performance-based bonuses, which will be awarded in the first quarter of 2012.
A Holland & Knight spokesperson confirmed this news.
See, nothing to worry about. HK is just trying to catch up with 2010, not trying to set the market for 2011.
Enjoy your money, HK friends.