The annual bonus used to be pretty good at retention, but now breaking it up into seasonal bonuses just makes it all the more difficult for an associate to leave.
Firms are evaluating, ‘How do we keep associates? How do we get them to come back into the office?’ Bonuses could be a factor to that. There are still a significant number, whether it’s a majority or just a strong minority, that are not excited about going to the office.
— Josh Holt, founder of associate compensation tracker Biglaw Investor, commenting on the latest year-end bonus scale, which was announced earlier this week by Cravath, and is expected to be followed by many other Biglaw firms.
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.