Top 50 Biglaw Firm That Laid Off Associates Hands Out Market Bonuses If You Bill Enough
It's been a bumpy 2020 for the firm, but it looks like they've turned a corner.
2020 has been a helluva ride for Winston & Strawn.
Back in September, we reported that the firm, ranked #40 on the latest Am Law 100 list, was letting go a number of associates and staff, and that was after they’d already cut partner compensation as part of their COVID-19 austerity measures. But there’s been a return to normal, and just yesterday the firm announced year-end and special bonuses.
The scale below reflects the size of the bonuses, and lucky associates (who bill enough) will have the opportunity to make full market compensation at the firm.
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Notice that “up to” notation in the special bonus column? You see, at Winston it isn’t as simple as all associates get the full special bonuses. The memo goes on to clarify:
Associates who meet or exceed their target hours: 100% of special bonus
Associates who meet 75% or more of their hours targets: 75% of special bonus
Associates who are below 75% of their hours targets: 50% of special bonus
The memo also noted, that, as they have in the past, “the Firm will pay additional bonuses to eligible associates who substantially exceed the Firm’s productivity goals.” You can read the full memo on the next page.
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Associate reaction has been mixed — at least judging by a sampling of the Above the Law tipsters. Some are disappointed the firm’s hours threshold hasn’t been changed by COVID:
Associate bonuses announced at Winston & Strawn. As in prior years, year-end bonuses are tied to hours thresholds set by the firm, and which have not changed to account for covid. Some associates are frustrated that a decrease in hours completely out of their control will lead to zero year-end bonus.
While others are happy there’s a bonus available for associates that don’t hit their hours:
Kudos to Winston for living up to its self-described status as a market-paying firm. Our leadership expressed skepticism about COVID bonuses in the fall, so this is a pleasant surprise. And paying partial COVID bonuses to associates who missed their hours is a nice touch—some of our peer firms didn’t do this, and the Firm clearly has been paying attention to the negative reactions to those decisions.
I guess it’s just a matter of perspective (and how many hours you’ve been able to bill).
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As always, we depend on you when it comes to bonus news. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). 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, 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.
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
