Associate Bonus Watch: A Big Win Spawns Special Bonuses

Biglaw bonus money 100 dollar bills benjamins Biglaw firms don’t always (or often) use contingency fees — but when they do, the results can be amazing.

Yesterday we brought you word of a $210 million contingency fee award that should do wonders for the 2016 profits of K&L Gates. Today we can report that Baker Botts is benefiting from contingency work too — and sharing the wealth with its hardworking associates, as one of them informed us:

Last Friday the firm announced it’s handing out special bonuses due to the recent settlement in the Liberty Media v. Vivendi Universal lawsuit ($775 million!). Apparently we handled it on a partial-contingency basis, and it’s created a huge windfall for the firm. The partners are sharing some of that with the associates, which is nice. Here’s how it works out:

Year / Bonus
1st / $5,000
2nd / $7,500
3rd / $15,000
4th / $15,000
5th + / $30,000

Bonuses will be paid on March 21. We’re all quite happy about it.

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We reached out to the firm, which issued this statement through spokesperson Stephen Hastings:

As reported, the firm represented Liberty Media in its dispute with Vivendi S.A., both at trial and through the settlement negotiations. The firm’s representation was on a partial contingency basis.

In keeping with our firm’s core values of professional excellence, teamwork and collegiality, integrity and service to the communities in which we practice, the partners of the firm felt it was appropriate to share the rewards of this significant victory with every person at the firm, including associates, special counsel, staff and partners.

The bonus awards arising out of the Liberty Media representation are separate and distinct from our annual bonus program.

As you may recall, the Baker Botts year-end bonuses left something to be desired. But these supplemental bonuses basically move the firm up to the market scale, which should help associate morale.

Congratulations to Baker Botts on its successful work for Liberty Media, and congrats to its lawyers and staff on the special bonuses.