Biglaw Firm Makes Monday A Fun Day With Special Bonuses And Salary Increases
This is a great way to start the week!
If you’re an associate who’s got a major case of the Mondays, there’s nothing that’ll boost your motivation like an announcement that not only will your firm be raising salaries across the board for all associates but it will also be doling out special bonuses (for some).
Kasowitz Benson Torres had a bit of a rough go of it in 2020, having taken out a PPP loan (one which the firm has not yet disclosed if it’s been forgiven), but finished up the year with $219,396,000 gross revenue, landing it in 142nd place in the most recent Am Law 100 ranking. The firm is just now getting around to joining peer firms for special bonuses and commensurate salary increases.
According to a memo sent earlier today, Kasowitz will be moving to a national firm-wide salary scale, and it’s a Davis Polk match. Here’s what it looks like at the firm:
The firm will also be matching the Davis Polk scale for special bonuses, ranging from $12,000 total for the class of 2020 to $64,000 total for the class of 2014 and beyond (plus counsel). These bonuses will be payable in two installments (one in September 2021 and one in January 2022), and apply only to New York attorneys.
As far as we’re concerned, it’s always better late than never when it comes to compensation matters. Congratulations to everyone at the firm!
(Flip to the next page to see the memo from Kasowitz Benson Torres.)
We depend on your tips to stay on top of this stuff. 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.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
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.
