Biglaw Firm Offers Super-High Bonuses For Super-High Billables

Plus raises!

Goldfinch Bird Cartoon Character With Money BagThe good news continues in Biglaw, at least in terms of compensation.

The latest firm to announce largesse to their associates is Loeb & Loeb. The firm made $385,271,000 in  gross revenue in 2020, making it 99th on the most recent Am Law 100 ranking.

As you can see from the bonus chart below, it will take quite a few billable hours to match the market standard set by Davis Polk (which includes year-end and special bonus numbers). But, if you hit those super-high billables (core hours include client billable hours and creditable non-billable hours) wow, those are some impressive bonuses. And for ease of comparison, Loeb & Loeb charted out what last year’s bonuses were like, so you can see just how much better associates are doing — monetarily — year over year:

2021
1900 Core Hours 2000 Core Hours 2100 Core Hours 2200 Core Hours 2300 Core Hours 2400 Core Hours
Tier 1 $7,500 $15,000 $22,500 $30,000 $37,500 $52,500
Tier 2 $15,000 $25,000 $35,000 $45,000 $55,000 $75,000
Tier 3 $25,000 $45,000 $65,000 $85,000 $115,000 $150,000
Tier 4 $50,000 $75,000 $100,000 $125,000 $180,000 $220,000
Tier 5 $65,000 $90,000 $115,000 $140,000 $210,000 $250,000
Tier 6 $80,000 $105,000 $130,000 $155,000 $235,000 $275,000
Tier 7 $90,000 $115,000 $140,000 $165,000 $250,000 $290,000
Tier 8/SC $100,000 $125,000 $150,000 $175,000 $265,000 $305,000
2020
1900 Core Hours 2000 Core Hours 2100 Core Hours 2200 Core Hours 2300 Core Hours 2400 Core Hours
Tier 1 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000
Tier 2 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000
Tier 3 $15,000 $30,000 $45,000 $65,000 $85,000 $105,000
Tier 4 $30,000 $50,000 $75,000 $100,000 $130,000 $160,000
Tier 5 $35,000 $60,000 $85,000 $110,000 $140,000 $170,000
Tier 6 $45,000 $70,000 $100,000 $130,000 $160,000 $190,000
Tier 7 $50,000 $75,000 $105,000 $135,000 $165,000 $195,000
Tier 8/SC $55,000 $85,000 $115,000 $145,000 $175,000 $205,000

However, that was far from the only good news at the firm. Loeb & Loeb also announced raises! The firm wasn’t at market compensation before this round of raises, and well, still isn’t. But seeing as everyone but the most junior associates will see a bump in compensation, that has to make folks at least a little happy.

New Base as of 2/1/22 Current Base Base Increase
Tier 8 $340,000 $300,000 $40,000
Tier 7 $325,000 $290,000 $35,000
Tier 6 $305,000 $275,000 $30,000
Tier 5 $285,000 $260,000 $25,000
Tier 4 $260,000 $245,000 $15,000
Tier 3 $235,000 $230,000 $5,000
Tier 2 215,000 $215,000 N/A
Tier 1 205,000 $205,000 N/A

You can read the full email from the firm on the next page.

*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***

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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).


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