WEIL GOTSHAL — MEMO — SPECIAL FALL BONUS
As we have stated throughout the pandemic, we greatly appreciate all the significant client work that you have handled seamlessly since the start of this global crisis. The Firm has nothing but gratitude for all you have done to create exceptional results for our clients under exceptional circumstances.
As such, we are pleased to announce a special one-time bonus payable to all US associates (including any associates promoted to counsel effective January 2020) in good standing at the end of October. We recognize that, given varying client demand levels, the workloads taken on to meet the increased demand we have faced during this period were not equally shared. To account for these differences, we will be paying the bonus out not by class year but by the schedule set forth below based on annualized hours worked during this calendar year (January 1 – August 31).
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We are pleased that we have been able to not only meet but to exceed the overall amounts set by the marketplace in rewarding all our associates and newly promoted counsel. All client billable hours and pro bono hours will be counted equally in determining total hours for the purpose of this special bonus. Weil greatly values the contributions everyone has made in areas like recruiting, business development and other non-billable efforts and, while not expressly counted, these were factored in when determining the various hour thresholds set forth above. All bonuses are subject to any necessary proration.
Importantly, this bonus will not impact the year-end bonuses that will be paid in January 2021 and which will continue to be based – as in years past – on associate class year and will have no hour threshold component. We anticipate these year-end bonuses to be at least equal to those paid in January 2020.
Compensation for counsel who were promoted prior to January 2020 will be evaluated separately at year-end.
On behalf of all Weil partners, thank you and please continue to stay safe and healthy.
Barry M. Wolf
Executive Partner
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