We are pleased to announce that we will be paying special bonuses in May and October this year to Associates, Senior Associates and Counsel in our U.S. and international offices.
As previously noted, the Firm had a very successful 2020. And with strong client demand for our transactional, litigation and regulatory services, we are off to a solid start in 2021. These special bonuses are in recognition of your hard work on complex, high profile, and often time-sensitive matters and for your resilience as we continue to work in new ways to meet the needs of our clients.
The following chart describes the 2021 special bonuses for Associates, Senior Associates and Counsel:
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These bonuses will be paid on or before May 15, 2021, and October 15, 2021, to on-track Associates, Senior Associates and Counsel who are in good standing and who are tracking to meet or exceed our established client billable and total creditable hours targets for the periods ending April 30 and September 30. For Associates, Senior Associates or Counsel who do not meet those targets in April or September, we will allow you to “catch up” and earn the applicable special bonus amount by September 30 or December 31. These bonuses will also be subject to the usual prorations for 2021 start dates (other than for members of our Class of 2020 who started on January 19), part-time schedules and unpaid leaves of absence. These special bonuses will not impact any market-based hours or discretionary bonuses paid in respect of 2021.
At this time, we expect our year-end market-based hours bonuses and our above-market “super bonuses” will be no less than the 2020 year-end bonus levels for eligible Associates, Senior Associates and Counsel.
We are considering additional ways to both reward your hard work and address the stresses many of you have described. We welcome your ideas and will be sharing information soon. On behalf of the Firm, thank you for your continuing efforts on behalf of our clients and Pillsbury.
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