Biglaw

Biglaw Firm Busts Out Special Bonuses -- But They're (Mostly) Below Market Rate

It may not be market rate, but it's better than nothing.

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As we approach the end of the year—a year in which I assume we are all glad is almost over—we are optimistic that we will have another successful year for the Firm.  As we have discussed throughout the year, revenues have held up better than expected thru the pandemic and our expenses are significantly lower than we projected at the beginning of the year, thanks in large part to the lack of business travel, business development expenses, and marketing and other Firm events.  We could not be more proud of the fact that we did not need to take the austerity measures that many firms took in reducing compensation of its staff and lawyers.  It proves that our business model of retaining earnings to protect against unforeseen circumstances in the economy is the absolute right way to manage a law firm.  Of course nobody could have predicted that a pandemic would test the resilience of the legal industry, but whatever the event, our financial strength set us apart from our peers.

 

2020 was also a unique year in that we collected very substantial fees in connection with the wildfires in California.  This case took several years to conclude and the hard work of teams of lawyers, paralegals and staff from our Firm.  It is because of these cases that we are in a position to do something special for all of our lawyers and lobbyists.  Accordingly, in recognition and appreciation for all your hard work and dedication during this truly difficult year, we are really pleased to announce that we will be paying bonuses before the end of the year to all of our Associates, Counsel and certain Lobbyists that range from $10,000 to $20,000 in accordance with the chart below.  (Note that for those of you who work reduced hours and/or joined the Firm in 2020, your bonus will be prorated.)  Of course this bonus is separate and apart from the traditional merit bonuses that will be given in the Spring and will have no impact on the amount you receive at that time.

 

We also want you to know that we are giving bonuses to all of our administrative staff and paralegals.  They will be finding out today as well.

 

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Thank you again for all you do for the Firm and HAPPY HOLIDAYS!

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