With a Flurry of Announcements, Bonus Season Is in Full Force
Paul Weiss, Fried Frank, and Clifford Chance are among the firms that have announced identical bonus rates—a sign that, as in years past, firms are willing to match the market leader in associate pay.
November 12, 2019 at 04:00 PM
2 minute read
Paul, Weiss, Rifkind, Wharton & Garrison; Fried, Frank, Harris, Shriver & Jacobson; Clifford Chance; and litigation boutique Holwell Shuster & Goldberg all announced Tuesday that they have matched Milbank's associate bonus rates.
First-year associates at these firms will take home a $15,000 end-of-year bonus while senior associates on the upper scale will bring home up to $100,000, according to memos obtained by The American Lawyer.
The flurry of announcements is a sign that, as in years past, firms are willing to match the market leader in associate pay. Milbank was the first to release its pay scale Nov. 7.
Last year's bonus first mover, Cravath, Swaine & Moore, matched Milbank's pay scale Monday. Texas litigation boutique Reid Collins & Tsai is paying even larger bonuses, with first-year associates receiving $85,000, according to the firm.
Every year, firms scramble to match the first mover, fearing that otherwise they'll be perceived as less prestigious or less financially sound by law school recruits and laterals, say legal industry experts. But many warn that salary and bonus wars are detrimental to firm profits and to clients, as costs often are passed along.
But Zeughauser Group consultant Kent Zimmermann has said that the wars are seemingly inevitable and he does not expect them to stop anytime soon.
|Similar Stories:
Milbank Becomes First Mover With Early Associate Bonus Announcement
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllRates Will Go Up (Again), But Here's Why Profitability Might Not Be Maximized
4 minute readAs Partnerships Evolve, Law Firms See Ongoing Partner Training as Recruiting and Retention Tool
6 minute readJohn Budetti, Paul Hastings' Investment Funds Chair, Departs After 18 Months
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 3BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 4GlaxoSmithKline Settles Most Zantac Lawsuits for $2.2B
- 5A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
Who Got The Work
Blank Rome partner Andrew T. Hambelton has stepped in to defend Fragrancenet.com in a pending trademark infringement lawsuit. The case, filed Aug. 29 in New York Southern District Court by the Blakely Law Group, targets the defendants for allegedly selling counterfeit fragrance products. The case, assigned to U.S. District Judge Lorna G. Schofield, is 1:24-cv-06521, Abercrombie & Fitch Trading Co. v. Quester (US) Enterprises, Inc. et al.
Who Got The Work
Davis Polk & Wardwell partners Mari Grace and Edmund Polubinski III have entered appearances for Australia-based Bitcoin-mining company Iris Energy and other defendants in a pending securities class action. The action, filed Oct. 7 in New York Eastern District Court by the Rosen Law Firm, contends that the defendants concealed the inadequacy of the company's site in Childress County, Texas, including it being 'ill-equipped' and unable to operate the company's proprietary design. The case, assigned to U.S. District Judge Peggy Kuo, is 1:24-cv-07046, Williams-Israel v. Iris Energy Limited et al.
Who Got The Work
Ryan S. Stippich of Reinhart Boerner Van Deuren has entered an appearance for biopharmaceutical company Veru Inc. and other defendants in a pending shareholder derivative lawsuit. The action, filed Sept. 30 in Wisconsin Western District Court by the Brown Law Firm on behalf of June Ovadias, accuses the defendant of failing to disclose that small sample sizes and other issues rendered it unlikely that the FDA would grant Emergency Use Authorization for the cancer drug candidate sabizabulin as a potential treatment for COVID-19. The case, assigned to U.S. District Judge William M. Conley, is 3:24-cv-00676, Ovadias, June v. Steiner, Mitchell et al.
Who Got The Work
Holland & Knight partners Cynthia A. Gierhart and Thomas Willcox Brooke have entered appearances for Pakistani American Political Action Committee and Rao Kamran Ali in a pending trademark infringement lawsuit. The action, filed Sept. 24 in District of Columbia District Court by Jackson Walker on behalf of Pakistani American Public Affairs Committee, accuses the defendants of using a mark that's confusingly similar to the plaintiff's 'Pak-Pac' marks without authorization. The case, assigned to U.S. District Judge Randolph D. Moss, is 1:24-cv-02727, Pakistani American Public Affairs Committee v. Pakistani American Political Action Committee et al.
Who Got The Work
Lauren M. Rosenberg and Yonatan Even of Cravath, Swaine & Moore have stepped in to represent Israel-based Oddity Tech Ltd. in a pending securities class action. The case, filed Aug. 30 in New York Southern District Court by Pomerantz LLP and Holzer & Holzer, contends that the defendant made materially misleading statements regarding the capability of Oddity's AI technology and ongoing civil litigation, resulting in the artifical inflation of the market price of Oddity's securities. The case, assigned to U.S. District Judge Margaret M. Garnett, is 1:24-cv-06571, Hoare v. Oddity Tech Ltd. et al.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250