Top 25 Am Law Firm Announces Bonuses -- And 43% Of Associates Made More Money Than Market
Exciting news!
Attention Biglaw associates: Just because it’s January 2021, it doesn’t mean that firms are done handing out 2020 year-end bonuses. In fact, an elite law firm just announced bonuses this morning, and we’ve heard that another highly ranked firm announced bonuses today as well. For the time being, we’ll be dedicating some coverage to a top-ranked firm that already announced that it would be handing out special bonuses (with a catch — they’re hours-based), and has finally decided to open its coffers for year-end bonuses.
The firm in question is Goodwin Procter, and they’ll be matching the prevailing Baker McKenzie/Cravath scale. Here’s what that looks like, in case you’ve forgotten:
2019: $15,000
2018: $25,000
2017: $50,000
2016: $65,000
2015: $80,000
2014: $90,000
2013+: $100,000
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Associates at the firm must have met a 1,950 hourly threshold to be considered for a market bonus. Goodwin also uses a rating system when it comes to bonuses, and those who recorded hours “materially higher than 1,950 hours” and received a “distinctive” rating are eligible to receive bonuses that are above their class amounts. According to the firm, “43% of bonus recipients will receive an amount greater than the amount listed for their class, and 57% will receive their class amount.”
All bonuses at the firm will be paid out on January 25. Congrats to everyone at Goodwin!
(Flip to the next page to read the full Goodwin Procter memo.)
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.
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Law Firm Business Development Is More Than Relationship Building
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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.
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