We are officially in the thick of Biglaw bonus season, with firms rushing to show their appreciation to hardworking associates with some cold, hard cash. Money may not buy happiness, but it sure will help you pay down your students loans.
The latest firm to announce their associate bonuses, of both the annual and special variety, is Baker McKenzie. In the grid below, you can see that not only is Baker McKenzie matching the year-end and special bonuses — for the class of 2020 and more senior — but they are also offering a 25 percent premium on both if associates hit the 2300-hour threshold.
Noticeably off this grid? The class of 2021. And believe you me, Above the Law has already started hearing from disgruntled stump-year associates wondering about their money. Now, it is true that these folks spent more than half the year not working at the firm, what with graduating law school and taking the bar exam. But Baker McKenzie made $2,899,834,000 in gross revenue last year, making it 4th on the Am Law 100. Certainly they have enough money to go around. And in a tight lateral market, one wonders why Baker McKenzie would want any compensation daylight between themselves and the competition.
You can read the full memo on the next page.
*** 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. ***
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for all of your help!
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).
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