Associate Bonus And New Partner Watch: Akin Gump
Why are folks so happy about the bonuses at Akin Gump?
AKIN GUMP STRAUSS HAUER & FELD LLP — MEMORANDUM — 2013 U.S. ASSOCIATES & COUNSEL BONUS
From: Botter, David
Sent: Thursday, February 06, 2014
To: NY Associates; NY Counsel; PH Associates; PH Counsel; WA Associates; WA Counsel; LD Associates; LD Counsel; LC Associates; LC Counsel; IR Counsel; SF Associates; SF Counsel; AU Counsel; SA Associates; SA Counsel; HO Associates; HO Counsel; DA Associates; DA Counsel
Cc: FW Practice Managers; FW PIC; NY Partners; PH Partners; WA Partners; LD Partners; LC Partners; IR Partners; SF Partners; AU Partners; SA Partners; HO Partners; DA Partners
Subject: 2013 U.S. Associates & Counsel Bonus
On behalf of the firm and its partners, I would like to thank each of you for your contributions to the firm over the past year. In recognition of your efforts and consistent with our continuing commitment to provide a competitive compensation package for our associates and counsel, bonuses for 2013 have been awarded and will be paid on February 14th.
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How Your Bonus Was Determined
As in prior years, individual bonuses are based upon an assessment of each associate or counsel’s overall performance as determined in the evaluation process, including:
· productivity (including client hours, pro bono hours and GC hours)
· work quality
· demonstration of progress through the core competencies
· contribution to practice group performance
· firm citizenship
· pro bono commitment
Although there is no hard and fast minimum hours threshold for receiving a bonus, in general associates and counsel whose productivity was greater than 1950 hours received a bonus this year. Bonuses will be pro-rated for associates and counsel who started at the firm during the year, are on a reduced work schedule, or who were on an approved leave of absence during 2013.
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2013 Bonus Outcomes
Our bonus program provides market competitive bonuses in all of our U.S. offices using the market scale set forth below. We are pleased that 75% of all U.S. associates and counsel received a 2013 bonus, with our highest performing associates eligible to earn bonuses that are substantially above the market scale.
Of those associates and counsel receiving a bonus, 36% will receive a bonus that is greater than the market scale, 55% will receive a market scale bonus and less than 10% will receive a bonus less than the market scale. The average bonus across all U.S. offices is at least 105% of the market scale class amount.
The chart below shows the bonus scale and the top bonus awarded for each class year:
Class – Market Scale – Highest Merit Bonus
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Class of 2005 – $60,000 – $85,000
Class of 2006 – $50,000 – $60,000
Class of 2007 – $40,000 – $65,000
Class of 2008 – $34,000 – $59,000
Class of 2009 – $27,000 – $47,000
Class of 2010 – $20,000 – $45,000
Class of 2011 – $14,000 – $34,000
Class of 2012 – $10,000 – $35,000
Bonus Communications
I look forward to sharing more details about the bonus process and outcomes across the U.S. in our Town Hall meeting this afternoon. Individual bonus amounts will be communicated by practice managers between Feb. 7th – 12th prior to the February 14th bonus payment.
Again, thank you for all of your efforts.
David
David H. Botter, P.C.
AKIN GUMP STRAUSS HAUER & FELD LLP
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Earlier: Associate Bonus Watch: Bellyachin’ at Akin
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