MAYER BROWN — MEMORANDUM — 2014 BONUSES (OUTSIDE NEW YORK)
The Firm is pleased to announce that 2014 performance-based bonuses for Associates in our Charlotte, Chicago, Houston, Los Angeles, Palo Alto, and Washington DC offices will be paid on Friday, March 13. Salary adjustments will be retroactive to January 1, 2015, and March 13 payments will include a “catch-up” payment through that date. Thank you for your extraordinary contributions and strong commitment to the Firm and our clients, which were significant factors in our success in 2014.
As you are aware, our bonus structure, unlike the bonus structures of many other firms, has two components: an hours-based bonus and a discretionary bonus. The Firm adopted this structure a few years ago, after consultation with and input from groups of Associates, to recognize the quality, efficiency and value of the work done for our clients as well as the many other contributions made by our Associates. Accordingly, individual bonus amounts may be more or less than those paid by other firms in which merit-based considerations and non-billable work are given less (or no) weight in overall bonus determinations.
Ready for What’s Next: 5 Ways to Strengthen Economic Resilience
Get five practical tips to spot cash flow red flags early, speed up payments, track spending in real time, and build stronger client trust through clear, transparent billing—download the ebook.
The Firm is committed to providing competitive compensation that reflects a philosophy of rewarding our talented Associates for their multi-faceted contributions. Therefore, and in response to both the Firm’s strong performance in 2014 and recent market changes, we have increased the discretionary component of the 2014 Associate bonus pool by 23% and the total Associate bonus pool (including the hours-based component) by 15%, in comparison with 2013 levels. Based on available market information, and putting aside outliers at the high and low end, we are confident that our 2014 Associate bonus program is competitive with the bonus programs offered by peer firms in each of our US locations.
Individual bonus amounts, including allocation of the substantially enhanced discretionary bonus pool, will be determined by Practice Leaders, in consultation with CoPA. Practice Leaders will be arranging meetings to discuss your individual performance and compensation.
Thanks again for your important role in the great work we were able to do on behalf of our clients in 2014.
Ken
Why Your Practice Is Burning Money And How You Can Do Better
Our expert panel explores common sources of profit leakage along with practical steps for improvement.
Kenneth S. Geller
Managing Partner
Mayer Brown LLP
1999 K Street, N.W.
Washington, D.C. 20006
The Am Law 100, the Early Numbers: Mayer Brown Partner Profits Grow by Double Digits [Am Law Daily]
Earlier: Associate Bonus Watch: Mayer Brown (New York)