Regarding: Year-End Bonuses — U.S. Associates and U.S. Counsel
The firm will pay year-end bonuses to U.S. Associates and U.S. Counsel employed by the firm on December 31, 2022 in accordance with the following criteria. Associates in good standing who achieved billable hours of 2,000 or more (including eligible pro bono, DEI, and legal recruiting hours as outlined in previous memos) for the statistical year ending October 31, 2022 will receive the class market bonus (the “Cravath” bonus scale) below, adjusted for FTE and start date.
Class Bonus
2022 $15,000 (prorated based on start date)
2021 $20,000
2020 $30,000
2019 $57,500
2018 $75,000
2017 $90,000
2016 $105,000
2015+ $115,000
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In addition to the Cravath scale, associates in good standing who achieved billable hours of 1,850 or more but less than 2,000 (including eligible pro bono, DEI, and legal recruiting hours) will receive a bonus equivalent to 70% of the bonus indicated on the above scale.
Counsel in good standing who achieve billable hours of 2,000 or more (including eligible pro bono, DEI, and legal recruiting hours) for the statistical year ending October 31, 2022 will be awarded a bonus of $125,000. Counsel in good standing who achieved billable hours of 1,850 or more but less than 2,000 including eligible pro bono, DEI, and legal recruiting hours) will receive a bonus of $87,500.
Additional bonuses will be paid to Associates and Counsel in good standing who billed in excess of 2,200 hours. In addition, discretionary bonuses may also be awarded to Associates and Counsel in good standing who achieved at least 1,850 billable hours for business generation.
You will receive an individual memo indicating your 2023 base salary and any bonus award for 2022 within the next few days. Overall salary and bonus criteria and information (including mean, median, mode, range, and other statistics) will be discussed at the next EC-Associate/Counsel meeting in early 2023. In the interim, if you have any questions, please contact your Department Chairs, Cindy Jackson or Rosa Nunez.
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On behalf of the Partners, we appreciate your contributions and commitment to the continued success of the firm. Have a Happy and Healthy New Year.
[I] “In good standing” refers to lawyers who, in our most recent annual performance review cycle, were characterized as Consistently Exceeds Expectations, Frequently Exceeds Expectations and Aligns With Expectations.
[2] In recognition of the time it can take to ramp up on matters, associates in good standing in the class of 2022 will receive the full prorated market bonus regardless of hours, and those in the class of 2021 with 1,480 to 1,849 billable hours will receive a $10,000 bonus.