DLA Piper has reached the heady heights set by the so-called ‘Cravath scale’ with its associate bonus reaching up to $150,000 for associates.
DLA Piper is going further too by reducing the threshold for its associates to reach the extra payments based on their productivity and hours worked.
It is also the largest firm to join the Cravath scale. The third largest law firm in the AmLaw 100 list with revenues of over $3.1 billion, the firm has profits per equity partner of $2.1 million, The American Lawyer reports.
Cravath said on Nov. 22 it would pay annual associate bonuses of between $15,000 and $115,000—a 15 per cent rise from last year’s top-end bonuses. Lawyers from the firm’s 2021 class were told to expect $15,000, while senior associates would receive bonuses for up to $115,000.
AbovetheLaw reported US partners Jackie Park and Rick Chelsey saying:
“The net effect of these modifications are potential bonus awards for our highest-rated and most productive associates of up to 50 percent or more overmarket.” Yowza! Here’s what the bonus scale looks like at DLA Piper: