Biglaw

Biglaw Bonus Season Is Here, But Which Firm Will Make The First Move?

Pandemic be damned -- you still need to meet your hours to make bank.

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It’s November 10, and Thanksgiving is just two weeks away, which means that bonus season is right around the corner. Wouldn’t it be nice if your law firm gave you a little something extra to be thankful for this year? We sure think it would be!

As a little reminder — as if you really needed one — this is what last year’s Milbank bonuses (yes, Milbank; Cravath later followed along) looked like:

Class of 2019 – $15,000 (pro-rated)
Class of 2018 – $15,000
Class of 2017 – $25,000
Class of 2016 – $50,000
Class of 2015 – $65,000
Class of 2014 – $80,000
Class of 2013 – $90,000
Class of 2012 – $100,000
Class of 2011 – $100,000

These year-end bonuses are, of course, in addition to the appreciation bonuses that some firms handed out earlier this fall to thank their associates for their dedication during the coronavirus crisis. Davis Polk set the standard on those bonuses, which ranged from $7,500 to $40,000. This year, there will truly be different tiers set for compensation if not all firms offer additional bonus dollars to their associates on top of their standard bonuses to truly match the market.

For those of you who are wondering when your bank accounts will be a little more flush, here’s a list of the dates when year-end market bonuses hit Biglaw since 2006, the very first year Above the Law started publishing bonus news. Take a look:

With visions of bonus dollars dancing in your heads, it’s time to check in on how people are doing with their billable hours. There are eight weeks to go in 2020, and even though COVID-19 may have put a damper on your hours, hitting your target is still important. Some firms might make bank-busting payments, but not all associates will hit the hours mark necessary for the top dollar.

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Still, with two months to go, there’s plenty of time to get on your hours. Don’t be surprised if attorneys start poking around for an extra discrete assignment or two — after all, some hours here and there could mean a world of difference.

So how are people doing during a pandemic that nearly paralyzed the legal profession? Take our poll, and get a sense of how many hours your peers are on pace to hit in 2020. While you’re at it, let us know when you think this year’s bonuses will drop, and whether they’ll be higher or lower than last year’s bonuses.

How many hours are you on track to bill in 2020?

  • More than 2400 (18%, 143 Votes)
  • 2000 - 2099 (17%, 137 Votes)
  • 2100 - 2199 (14%, 110 Votes)
  • 1900 - 1999 (11%, 83 Votes)
  • 2200 - 2299 (10%, 76 Votes)
  • 1800 - 1899 (9%, 69 Votes)
  • Fewer than 1600 (7%, 58 Votes)
  • 2300 - 2399 (7%, 54 Votes)
  • 1600 - 1699 (4%, 29 Votes)
  • 1700 - 1799 (3%, 27 Votes)

Total Voters: 786

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When do you think 2020 bonuses will be announced?

  • Next week (Nov. 16 - 20) (34%, 116 Votes)
  • Last full week of November (Nov. 23 - 27) (33%, 112 Votes)
  • First week of December (Nov. 30 - Dec. 4) (22%, 76 Votes)
  • This week (Nov. 9 - 13) (10%, 34 Votes)

Total Voters: 338

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What will 2020 bonuses look like?

  • No change from 2019 bonuses (not including COVID bonuses) (80%, 296 Votes)
  • Higher than 2019 bonuses (not including COVID bonuses) (16%, 58 Votes)
  • Lower than 2019 bonuses (not including COVID bonuses) (4%, 15 Votes)

Total Voters: 369

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Remember everyone, we depend on your tips to stay on top of important bonus updates, so when 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 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 for all of your help!

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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