Bingham associates who billed 2,700 hours last year eligible for $30k bonus
Bingham McCutchen associates and counsel who worked more than 2,700 billable hours in 2013 will be eligible for 'extraordinary bonuses' of up to $30,000 (£18,100), on top of their basic bonus.
February 13, 2014 at 05:15 AM
2 minute read
Bingham McCutchen associates and counsel who worked more than 2,700 billable hours in 2013 will be eligible for 'extraordinary bonuses' of up to $30,000 (£18,100), on top of their basic bonus.
The extra money means junior lawyers at the firm could earn an overall bonus of $90,000 (£54,300) for the year.
The details of the compensation, including bonuses tied at rates first set by Cravath Swaine & Moore in December, were outlined in an email to all of the firm's junior lawyers on Monday (10 February).
Lawyers qualifying for the basic bonus of up to $60,000 (£36,200) must have completed 2,000 total hours, 100 of which can be spent on pro-bono activities. The threshold is slightly lower for first year associates.
Those working more than 2300 hours can stand to earn additional bonuses of between $10,000 (£6,000) and $30,000.
"We will again provide an extraordinary bonus for lawyers who worked substantially higher hours," said administrative partner Debra Fischer in the email. "Extraordinary bonuses are awarded again this year as a way to recognize our colleagues who have worked the hardest and made extraordinary contributions to the success of the firm."
US lawyers will be paid the bonus on 17 March, while associates and counsels in the firm's London, Frankfurt and Hong Kong offices will be paid on 28 March.
The note also set base compensation for junior lawyers at New York rates, which start at $160,000 (£96,000), rising to $300,000 (£181,000) for third year counsels.
"Base compensation and bonus awards for of counsel and staff attorneys will be considered on an individual basis," the note added.
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