Biglaw

Mega Law Firm Finally Steps Up With Summer Bonuses

Finally! Summer bonuses!

By  
on

Summer 2018 has really been the summer of money for Biglaw associates. Milbank got the party started by finally bringing NY (and its other offices) to $190K. Simpson Thacher upped the ante just two days later by matching the new salary scale and adding in special summer bonuses. And just a few days after that, Cravath reasserted its dominance as the firm that sets the market standard by increasing the standard base salary for senior associates over what was set by Milbank. After this trio of firms worked together to set the new market standard, it’s really only been a question of who will match.

The giant law firm of DLA Piper got its sh*t together last week when it comes to base associate salaries. That’s when the firm announced they’d match the prevailing market standard for associate compensation — at least in “major markets.” But inside sources were understandably sad that the firm did not announce any special summer bonuses, which had become the standard at elite Biglaw firms.

But now DLA is recognizing that summer bonuses are essential for the biggest of Biglaw firms. Yesterday, the firm announced bonuses for associates on track to bill 2100 hours. They haven’t committed to a specific bonus scale, instead opting for individualized bonuses, though they assure associates they’re are committed to “aggregate compensation that meets or exceeds the market.” And for associates with practices that naturally peak in the second half of the year, the firm has said they’re aware of that ebb and flow and will take that into account when end of the year individual bonuses are announced.

Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Raises Salaries”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.

And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks!

(Read the full memo from the firms on the next page.)

Sponsored

headshotKathryn Rubino is a senior 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).

Sponsored

1 2Next »
Bonus Time

Enter your email address to sign up for ATL's Bonus & Salary Increase Alerts.

Topics

, , , ,