Biglaw Firm Eliminates Billable-Hour Requirements For Big Associate Bonuses
This is great news.
It’s a new year, and Biglaw bonuses are continuing to roll in. Today, we have news from a firm that’s been embroiled in Trumpworld drama, and with a new administration taking over tomorrow, the powers that be decided to offer their associates some welcome bonuses.
The firm in question is Kasowitz Benson, and associates are quite pleased, saying this is “great news.” Here’s the firm’s bonus scale, which is a match of the prevailing rates set by Baker McKenzie and Cravath in November 2020.
Class of 2020 – $15,000 (prorated)
Class of 2019 – $15,000
Class of 2018 – $25,000
Class of 2017 – $50,000
Class of 2016 – $65,000
Class of 2015 – $80,000
Class of 2014 – $90,000
Class of 2013 – $100,000
Class of 2012 – $100,000
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Kasowitz is also offering special bonuses, ranging from $7,500 – $40,000, depending on seniority and performance. Unlike many other firms, Kasowitz has completely thrown out its 2020 billable hours requirements due to the pandemic. Here’s a relevant excerpt from the firm’s bonus memo:
In recognition of the extraordinary work circumstances this year, we will not be using a fixed hours target for 2020, but will evaluate each attorney’s performance on an individual basis, and the amount of bonus, if any, will be determined at the discretion of the firm. We will continue to include all billable, pro bono, new business development (063), new matters in process (111), recruiting, Kasowitz University, and Associates Committee hours recorded between December 1, 2019 and November 30, 2020 in that evaluation.
Congratulations to everyone at Kasowitz. Associates can expect to see their bonus bucks from the firm land in their accounts on February 15.
(Flip to the next page to see the full Kasowitz Benson bonus memo.)
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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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