Law firm Fried Frank has been the latest law firm to have increased its bonus payments this year with a pro-rated $15,000 bonus for the current year (compared to a bonus of $115,000 for those in the 2014 cohort).
Fried Frank, 60th on the AmLaw Big Law list is up by 15 per cent over the bonuses from last year.
Associates and counsel are also able to obtain a premium above the bonuses, which can add up to $30,000 according to a memo reported in AbovetheLaw, which provides details on the bonus payments.
Plus associates and counsel are eligible for a “premium” on top of these bonus amounts, which can up the bonus payout between $2,250 – $30,000. As noted in the firm’s memo, “an associate in the class of 2014 is eligible to receive a maximum year-end bonus of $145,000.”
The London lawyers of Fried Frank are also in for increases with trainee lawyers due for increases of over 20 per cent. The first year trainees in London will receive a salary of £55,000, up from £45,000. Second year trainees will earn £60,000, up 20% from £50,000.
Qualified lawyers joining the firm now receive £145,500.