As equity partners’ incomes increase rapidly, bonuses for associates have also increased but not to nearly the same extent as the take-home earnings of the partners, according to the inflation-adjusted statistics.
Partner profits have increased by 85 per cent over the past 10 years, according to reports, but associate salaries have increased by just 44 per cent.
And according to Biglaw Investor, junior associates at the biglaw firms are making less today than they were earning in 2008. The website noted the bonus payments that took effect from July 1 2021, reporting as follows –
Special bonuses: 1st Year Associates were paid $4,500 (Spring), $7,500 (Fall) and $4,000 (Annual). 2nd Year Associates were paid $6,000 (Spring), $10,000 (Fall) and $6,000 (Annual).
3rd Year Associates were paid $12,000 (Spring), $20,000 (Fall) and $11,500 (Annual).
4th Year Associates were paid $16,500 (Spring), $27,500 (Fall) and $15,000 (Annual).
5th Year Associates were paid $19,500 (Spring), $32,500 (Fall) and $18,000 (Annual).
6th Year Associates were paid $22,500 (Spring), $37,000 (Fall) and $21,000 (Annual).
7th Year Associates were paid $24,000 (Spring), $40,000 (Fall) and $23,000 (Annual).
8th Year+ Associates were paid $24,000 (Spring), $40,000 (Fall) and $23,000 (Annual).
See the details on the biglaw bonuses here.
