LOWENSTEIN SANDLER — MEMO — SPECIAL BONUSES
On behalf of our partners, we are pleased to be offering special bonuses to thank you for your hard work and perseverance through the myriad challenges posed by the pandemic, remote work and the general dislocation of the past year. Despite these challenges, our firm has remained busy with important work on behalf of our clients, as well as critical assistance provided to our communities through our pro bono efforts. At the same time, we have sought to look out for one another and provide the resources necessary to help our team through these disruptive times. Our firm’s success during this period is largely due to your resilience and dedication to our colleagues, clients and communities. We are excited to be growing at a rapid pace and we ask for your assistance in recruiting more great lawyers to join our team – please be on the lookout for a subsequent announcement regarding recruiting incentives.
Bonuses will be paid on June 30 and September 30 to associates, counsel and senior counsel who meet our eligibility requirements for that payment based on the following grid:
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| Salary Class | June 30 Bonus | September 30 Bonus |
Total |
| 2020 | $4,500 | $7,500 | $12,000 |
| 2019 | $6,000 | $10,000 | $16,000 |
| 2018 | $12,000 | $20,000 | $32,000 |
| 2017 | $16,500 | $27,500 | $44,000 |
| 2016 | $19,500 | $32,500 | $52,000 |
| 2015 | $22,200 | $37,000 | $59,200 |
| 2014 | $24,000 | $40,000 | $64,000 |
| 2013 | $24,000 | $40,000 | $64,000 |
Special bonuses for attorneys in class years prior to 2013 will be determined on an individualized basis in amounts up to the maximum described above and will be separately communicated to those attorneys this week.
In order to be eligible for a bonus, an attorney must be in good standing, employed on the payment date, and on track to reach an annualized minimum of 1,800 client billable hours and at least 150 firm directed hours (such as pro bono, diversity efforts, recruiting, practice group activities, or additional billable hours) during the period from October 1, 2020 through the applicable measurement date. April 30, 2021 will be the measurement date for the June 30 payment, and July 31, 2021 will be the measurement date for the September 30 payment. We will issue catch-up bonus payments for anyone who does not qualify at the April 30 measurement date, but subsequently meets the eligibility threshold at July 31.
The special bonuses discussed in this e-mail are in addition to our regular year-end bonuses, which we expect will be paid on the same basis and in at least the same overall magnitude as in 2020.
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As always, for purposes of compensation determinations, measurements of billable and eligible firm hours are pro-rated for date of hire, approved leaves of absence, ramp-up periods, and those with flexible work arrangements.
This has been a challenging time for many of us. We are extremely proud of the resilience and adaptability exhibited by so many of our colleagues that resulted in a successful 2020 and first quarter 2021. Thank you for contributing to that success. Stay safe and well.
With gratitude,
Gary
| Gary M. Wingens Chair and Managing Partner Lowenstein Sandler LLP |
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.