Spring officially starts tomorrow, but it’s already sprung in Biglaw because one elite firm is already tossing out piles of cash to its associates.
Willkie Farr decided to surprise its U.S. associates this morning by announcing another round of special bonuses thanks to the firm’s “very strong finish to 2020.” The firm already included special bonuses with its year-end bonuses, so associates are going to be coming in WAY ahead of their peers at other firms.
Please note the UPDATE below.
Here’s the scale — which should look familiar to those who received special bonuses in 2020 — from the firm’s memo (available on the next page):
Class of 2020: $7,500
Class of 2019: $10,000
Class of 2018: $20,000
Class of 2017: $27,500
Class of 2016: $32,500
Class of 2015: $37,000
Class of 2014 and senior: $40,000
UPDATE (3/26): Willkie has now matched Davis Polk’s bonus payments, which have become the prevailing market rate. The firm will pay associates between $12,000 and $64,000, depending on class year.
There’s just one catch. Willkie’s second special bonus will be paid in two parts: one payment will be made on June 30, and the second payment will be made on September 30. Associates will need to stick around at the firm to receive the entire special bonus, but after a year of absolute upheaval thanks to the pandemic, these fat stacks of cash will surely make up for it. But the good news doesn’t end there. The memo says that Willkie expects to pay its regular year-end bonuses in December, which we take to mean these are NOT replacements. Woohoo!
What will the rest of Biglaw do when faced with a firm that’s literally sharing the wealth and handing out even more money to its associates? Match the market, of course. We can’t wait to see which firm will be next.
(Flip to the next page to see the full memo from Willkie.)
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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.