2024 has been a successful year for Boies Schiller Flexner and our clients. We had numerous wins at trial, successfully defended our clients in all variety of disputes, and achieved significant settlements on behalf of plaintiffs and victims. Associates are an enormous part of that success, and in 2024—as in every year—associates were responsible for taking important depositions, arguing key motions, conducting appellate oral arguments, negotiating settlements, playing important in-court speaking roles at hearings and trials, and advising the Firm’s clients. On behalf of the partnership, we thank you for these important contributions, and we thank your loved ones for understanding the dedication that is required to reach such high standards and achieve such remarkable results.
As you know, Formula Compensation plays an important role in ensuring that associates share in the Firm’s success, creating opportunities for associates to earn well beyond the market rate for year-end bonuses, while giving flexibility to those who (for whatever reason) chose to work at a different pace. Consistent with the Firm’s overall success this year, 2024 was a banner year for associate compensation. Although the formula necessarily treats every associate differently depending on their work, here are some figures that may be of interest:
- The prevailing market bonus scale ranges from $21,000 (for class of 2024, prorated) to $140,000 (for class of 2017 and above). These figures include the “special bonuses” that many firms are awarding.
- This year, more than 95% of associates received a bonus that was at least as high as, and in most cases higher than, what that associate would have earned under the market system.* Those that did not, invested material time in one or more contingency cases that have not yet paid out.
- Numerous associates—including some very junior associates—received bonuses far in excess of the very top of the market, including several who received bonuses of $300,000 or more. To put that in perspective: many second- and third-year associates at BSF received bonuses that were substantially more than what an eighth-year associate would have received on the market system.
- Multiple associates received bonuses of $1,000,000 or more.
- Yes, you read that right. They earned it, and the Firm is happy to pay it.
Bonus payments will be distributed this week to all associates in good standing.
We also want to take this opportunity to remind associates that we are always looking for new colleagues who will thrive at BSF. To that end the Firm continues to offer a $25,000 referral bonus to any U.S. associate who successfully recruits a lateral associate (meaning, an associate not coming directly out of law school or a clerkship). The bonus will be payable six months after the new associate’s start date, so long as the referring associate and the new associate both remain with the Firm and are in good standing. Such a bonus is, of course, on top of whatever Formula Compensation bonus an associate may earn.
For incoming law clerks, we also offer a clerkship bonus. To ensure that we continue to recruit the very best talent, the Firm has decided to increase the size of the clerkship bonuses we will be offering. Effective immediately, for any lawyer who joins the Firm directly from a clerkship (and has not already committed to do so as of the date of this email), the Firm will offer a one-time bonus of $150,000 for all federal district and appellate court clerks, or $175,000 if the lawyer has done multiple qualifying clerkships.
On behalf of the partners, again, we thank you for your commitment to the Firm and its clients, and to all of our continued growth and success. We look forward to seeing most of you and your families in Florida at our annual Firm retreat later this week.
The Managing Partners
* For the very small number of associates who remained on the market system for the 2024 compensation year, the Firm will of course be matching the prevailing market bonus scale for associates in good standing with more than 2000 creditable hours, including those “special bonuses.”