These top firms are back to paying associates market compensation.
The post Trend Alert: Biglaw Firms That Stiffed Associates On Special Bonuses Reverse Course appeared first on Above the Law.
When it comes to associate compensation, Biglaw is very much an industry of follow the leader. So when Milbank set the standard — giving associates both year-end and special bonuses — the expectation was set that the top of Biglaw would follow suit. When two firms, Perkins Coie and Hogan Lovells, that *should* have the cash on hand to match the industry standard failed to do so, it caused quite the stir.
And that’s probably underselling the situation at the firms. But the powers-that-be at *both* Perkins and HoLove have responded to the pressure to pay associates at the top market rate. That’s right, both firms will pay associates special bonuses — ranging from $6,000 to $25,000, depending on seniority.
The memo from HoLove (available in full on the next page) specifically notes that the decision is based on “among other factors, [associates’] feedback.” And while Perkins Coie is less direct that the decision is in direct response to associates’ ire (full memo available on the next page), a firm spokesperson did confirm, “This decision is consistent with our commitment to paying market-competitive compensation and reflects the firm’s strong financial performance this year.”
Congrats to associates at both firms for finally collecting that Biglaw bank.
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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].
