I understand why firms do it, but I really wish firms would stop announcing bonuses on Fridays. It’s nice to end the week on a high note, but we’re trying to help firms communicate to the market that they’re paying top dollar for talent and that’s a lot easier when the news hits before folks start checking out for the weekend. Hopefully this one hits folks early enough in the day that they’ll see it.
Anyway, Fenwick & West announced its bonuses today, bringing the number 72 Am Law-ranked firm in line with the DPW consensus on bonuses. Full bonus memo on the next page, but the details are here. Minimum billable target is 1950.
But the firm is also giving some extra cash to folks who’ve really put in tough hours, with the instruction that lawyers try to use the money on some R&R. Or, as they put it “Triple-R” — Rest, Recreation, and Relaxation. Back in the Spring, the firm gave $5,000 to $15,000 for high billers. In addition to those bonuses, the firm’s got another dose for folks who racked up more big hours with $10,000 to $30,000 for those who billed over 2300 hours.
Congrats, Fenwick folks. Enjoy your vacations.
*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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