Quinn Emanuel raises bar for associate bonuses with 2010 rates
Quinn Emanuel Urquhart & Sullivan associates could take home up to $82,500 (£53,300) in bonus payouts after the US firm confirmed its 2010 associate bonuses. Bonuses will range from $8,438 (£5,449) for associates who joined in 2009 and worked between 2,000 and 2,099 hours, through to $82,500 (£53,256) for the most senior associates (class of 2003) working at least 3,000 hours during 2010.
December 21, 2010 at 07:06 AM
3 minute read
Quinn Emanuel Urquhart & Sullivan associates could take home up to $82,500 (£53,300) in bonus payouts after the US firm confirmed its 2010 associate bonuses.
Bonuses will range from $8,438 (£5,500) for associates who joined in 2009 and worked between 2,000 and 2,099 hours, through to $82,500 (£53,300) for the most senior associates (class of 2003) working at least 3,000 hours during 2010.
The rates mean the most senior associate in Quinn Emanuel's London office, a class of 2004 lawyer, will be eligible for a bonus of between $33,750 (£21,800) and $75,000 (£48,400) depending on hours worked.
The US firm has opted to split the bonus into two instalments for the first time, with the first to be paid this month, and an additional 50% of the December bonus to be paid out in June 2011.
All associates billing at least 2,000 hours during 2010 will receive some bonus, with billable hours-based payouts split into six tiers up to a maximum of 3,000 hours plus. To be eligible for the additional June payout associates will have to be on track to work at least 2,000 hours between December 2010 and November 2011 by the end of June.
In an internal announcement, Quinn's head of complex litigation, Richard Schirtzer, said: "Most of you will be eligible for an additional bonus in June 2011 equal to 50% of what you are receiving in December. For example, someone in the class of 2005 who worked between 2100-2399 hours over the last twelve months will receive an additional bonus of $12,500 in June."
The announcement continued: "… I want to emphasise that the June bonus will not impact anyone's 2011 year-end bonus. Rather we elected to pay bonuses that are essentially 150% of the bonus standard announced by many other firms, but to pay a portion of it in June."
The awards are significantly higher than those announced by other major US firms this year. Last month, Skadden Arps Slate Meagher & Flom and Cravath Swaine & Moore both announced that they would hand out bonuses ranging from $7,500 (£4,750) for first-year associates to $35,000 (£22,000) for more senior associates.
Separately, Quinn's fledgling London office has made its first-ever partner promotion. Matthew Bunting, who was recruited from magic circle firm Slaughter and May in 2008, will join the firm's partnership in the New Year as a part of an 8-strong global partnership round.
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