ORRICK — 2020 BONUS MEMO
Team: It has been an extraordinary year. We asked an unimaginable amount of you – hard work on behalf of our clients, while “living at work” and coping with the stresses of multiple crises. We asked for your patience as we used temporary salary reductions to help preserve jobs while we sought clarity on the impact of this unusual market. You came through, never wavering in your dedication to our clients and service to our team.
Our commitment to rewarding excellence and hard work is also unwavering. For 2020, we will use the same merit bonus standard we announced at the beginning of the year (i.e., 1,950 billable hours, including up to 100 hours of firm- and self-investment time), and we will adopt the bonus scale announced in the fall by Davis Polk. In addition, in recognition of the grit and dedication that this year demanded and the fact that market demand was unusually variable, those whose bonus-eligible hours were in the range of 1,850 to 1,949 will be eligible for a special merit bonus award. We will also, once again, have an over-market program and award a firm contribution bonus.
As always, our bonus awards program is based on qualitative (an E or VG review) and quantitative measures of performance – and awards are made at the discretion of your practice group leader. All bonuses will be paid in the first quarter of 2021.
Of course, those of you who are on a reduced schedule are bonus-eligible on a pro-rated basis, including everyone who chose to move to a reduced FTE to help manage the enormous personal and professional stresses of 2020.
We will also award a special additional award to career associates, Orrick Analytics project attorneys and paralegals who have gone above and beyond in this unusual year.
We want to close by reiterating our gratitude to our entire team, regardless of your hours performance. We recognize that 2020 was a year like no other and it affected all of us. If you would like to talk about 2020 and the year ahead, please reach out. Because of the way all of us managed through this year together, we have the foundation to be even stronger, more inclusive and more connected in 2021.
Best wishes for a safe and joyful holiday – as we all wish for a better world in 2021.
Mitch and Siobhan
2020 Scale
*All bonuses are at the discretion of the practice group. Bonus eligible billable hours: client billable (revenue generating billable hours, pro bono hours, and Orrick as client ) and up to 100 firm billable hours (BD, innovation, DEI, training/shadowing).
**Applies only to counsel who have a 1950 billable hours expectation.
Bonus Eligible Time
Earlier this year, we reduced our bonus standard by 50 hours to 1,950 billable hours. This may include up to 100 hours of firm and self investment time. We increased DEI time from 20 to 50 hours and added 50 hours of eligible BD time. The eligible time now includes:
- at least 1,850 client billable hours: revenue generating billable, pro bono, Orrick as a client
- plus up to 100 firm billable hours
– up to 35 hours of training/shadowing
– up to 50 hours of innovation
– up to 50 hours of diversity, equity & inclusion
– up to 50 hours of substantive business development
The 1,850 total billable hours standard we are using for the special 2020 merit bonus award may also include up to 100 hours of firm and self-investment time.
For counsel, the target is 1,950 with credit for up to 50 firm billable hours.
Staci 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.