Gunderson Announces Summer Bonuses -- Your Move Am Law 100!
This is a pleasant surprise!
Those of you who remember the great salary hike of the late 90s may remember that the great revolution in associate salaries wasn’t kicked off by Cravath or Simpson, but by Gunderson Dettmer. Gunderson’s quest for top-notch talent led them to take a bold first step that changed the legal landscape for a decade. It looks like they’re ready to make the first move again.
We’ve not heard much about summer bonuses this year. Perkins Coie technically announced a summer bonus but they were already behind last year’s compensation so that was more of a catch up. Couple that with news this week that almost 70 percent of Biglaw chose to sit out the great Milbank-Cravath-Simpson salary and bonus cycle and it didn’t sound like associates were going to be getting any paydays any time soon.
But about an hour and a half ago, the firm sent around an email informing all U.S. based associates that they’ll be getting something extra for their troubles this summer. The breakdown is…
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Class of 2018 – From $5,000 to $6,500
Class of 2017 – From $7,500 to $10,000
Class of 2016 – From $10,000 to $13,000
Class of 2015 – From $15,000 to $20,000
Class of 2014 – From $20,000 to $26,000
Class of 2013 – From $25,000 to $32,500
Class of 2012 – From $25,000 to $32,500
Class of 2011 & earlier – From $25,000 to $35,000
Associates must be on track for a 1900-hour year to receive the lower bonus amount and 2100+ hours to get the upper bound. If they miss out now, they’ll get them on the back end if they make annual hours.
A great way to start Memorial Day weekend.
(Full memo on the next page….)
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Remember everyone, we depend on your tips to stay on top of this stuff. So if your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). 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.
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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