‘Disappointed’ might actually be an understatement.
The post Hogan Lovells’s Bonus Announcement Leaves Disappointed Associates In Its Wake appeared first on Above the Law.
Historically, Biglaw firm Hogan Lovells matches the prevailing market rate when it comes to associate compensation/bonuses. And that makes sense — the firm pulled in $2,682,000,000 in gross revenue making it the eleventh richest firm in the country. So, they seem to have the cash to share with the hardworking associates that make the firm tick. But not this year.
Today the firm announced bonuses and no one there is happy. That’s because the memo announcing year-end bonuses for associates curiously (especially given HoLove’s spot at the top of the rankings) leaves off the special bonuses making their way through Biglaw.
And associates are PISSED. This is just a sampling of the tipsters Above the Law heard from in the immediate aftermath of the announcement.
Hogan Lovells. Didn’t match. Associates are furious, coming off of a record year. No warning, no explanation.
Match but NO special bonuses whatsoever. Associates are not happy
Hogan Lovells is not matching associate bonuses, despite branding themselves as a market compensation firm. Associates are unsurprisingly livid and dismayed. Current reason (pretense…) is that because the firm offers BD bonuses, “super” bonuses based on exceeding billable hour requirements and other discretionary bonuses (which usually max out at $5k), that there’s no need to match the special bonus
No special bonuses at Hogan Lovells and associates are PISSED. Just a few days ago leadership was telling groups that this was a record year for profits (as was last year). All of Hogan’s peers matched and there’s no discernible reason for stiffing associates who meet their (already high) billable targets. Hogan is desperate to have a better reputation but being below market is not the way to do it. (Submitted anonymously).
Yeah, not a great day to be a HoLover.
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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 or Mastodon @[email protected].
