Biglaw Firm Doles Out Special February Bonuses
They may have had to wait a while, but associates finally get their special bonuses.
2018 was a good year for associate compensation. Milbank kicked things off with a nice summer raise, and before you knew it, we were in the middle of salary wars. The way that Simpson Thacher tried to get ahead of the pack — but was soon copied by most elite firms — was by offering special bonuses, distinct from the traditional end-of-the-year money. The size of the special bonuses ranged, based on seniority, from $5,000 for first-years to an impressive $25,000 for the classes of 2010-2012.
This summer, Cooley declined to participate in the special bonuses (though they did raise associate salaries in line with the Biglaw market). At the time, associates were reportedly “livid” that the firm wouldn’t pony up the extra cash. But the firm promised to make it up to associates at the end of the year.
Now comes word the firm made good on that promise. Cooley gave out lockstep special bonuses, paid out on February 15th, on the same scale as the summer bonuses. Plus the firm upped the bonus payout for extraordinary performance — to the tune of 20 percent above the market rate.
Law Firms Now Have A Choice In Their Document Comparison Software
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] Bonuses”). 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, 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!
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. 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
How Transactional Lawyers Can Better Serve (And Maintain) Their Clients
Generative AI In Legal Work — What’s Fact And What’s Fiction?
The Business Case For AI At Your Law Firm
AI’s Impact On Law Firms Of Every Size
Law Firms Now Have A Choice In Their Document Comparison Software
The Business Case For AI At Your Law Firm
