Being kept in the dark about your end of the year bonus is no fun. Especially when the firm has a pretty good idea what the bonuses will look like. This year, kudos go to Kasowitz Benson Torres for veering away from their traditional end of December announcement, letting associates know nice and early what their bonuses will be. Our tipsters seem thrilled with the news, and see the move as part of a larger associate-focused plan:
I am happy to see the firm taking a proactive approach to get the memo out to associates early this year, as opposed to waiting until around the end of December to announce, as they have done in the past. This consideration and timing adjustment is in line with other associate-friendly changes that the firm has made over the past few months under the new leadership of co-managing directors Wally Schwartz and Cindy Kelly. Some of the new changes include offering standing desks to associates, decreasing medical contribution rates by 10% (for the majority of plans), upgrading technology and exploring other potential changes that will benefit the firm’s associates.
And they’ll be matching the Cravath scale, which just tops off the good news:
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Class of 2017 — $15,000 (pro-rated)
Class of 2016 — $15,000
Class of 2015 — $25,000
Class of 2014 — $50,000
Class of 2013 — $65,000
Class of 2012 — $80,000
Class of 2011 — $90,000
Class of 2010 — $100,000
Class of 2009 — $100,000
The requirement for the bonus is 2150 hours, which is on the high side, but all pro bono, new business development, new matters in process, recruiting, Kasowitz University, and certain other non-billable hours all count towards meeting the standard. There’s even some extra money for those that made “extraordinary contributions”
Congratulations to Kasowitz associates. It must be nice to have this resolved so early in December!
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Read the full memo on the next page.
Kathryn Rubino is an editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).