Picture this: You’ve been billing your butt off all year long, and when bonus time comes, you’re going to be expecting something big. Sure, that special bonus is nice, but you want more — much more. Fear not, because one law firm wants to give you that huge bonus you’ve been craving.
With a maximum bonus potential for senior associates of $183,000, Schulte Roth & Zabel came to play this bonus season. The firm — which brought in $444,700,000 gross revenue in 2020, putting it at No. 90 in the most recent Am Law 100 ranking — announced bonuses earlier this afternoon, and SRZ is offering much more than a simple Cravath/DPW match.
Schulte is also offering associates three levels of step-up bonuses as well as partial credit bonuses for those who were unable to meet their minimum hours. Here’s what the 2021 hours requirements are at the firm:
1. In addition to the class bonus, and the previously announced special bonus, there will be another special bonus for all associates meeting the 2000 hour target.
2. There will also be three levels of step-up bonuses for 2300, 2500 and 2700 hours.
3. Associates with 1600 hours will receive a 50% class bonus and 50% special bonus. This will apply to the previously announced special bonus as well.
4. Associates with fewer than 1600 hours will receive a $5,000 bonus.
Without further ado, here’s the SRZ bonus scale for 2021:
All told, that’s a pretty penny over the market rate, depending on associate class year. That’s quite the thank you for the extra hard work associates have been putting in during the pandemic. Associates at the firm seem to be pretty happy about how their bonuses turned out.
Feedback from the associates seems to be really good. The firm really came through on bonuses this year – above market for high billers, cushion for lower billers, and matching the DPW scale + special bonuses!!! SRZ has always tied bonuses to hours, which pays off when it’s this busy. Lots of people definitely getting way above market comp. Great way to end the year.
(Flip to the next page to read the full memo from Schulte Roth & Zabel.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.