In the United States ‘spring bonus’ market the wars have begun with law firm Wilkie Farr finishing a very strong financial year by offering some top bonuses – as below.
2020 — from the firm’s memo (available on the next page):
Class of 2020: $7,500Wilkie Farr
Class of 2019: $10,000
Class of 2018: $20,000
Class of 2017: $27,500
Class of 2016: $32,500
Class of 2015: $37,000
Class of 2014 and senior: $40,000
The Wilkie bonuses required associates to remain with the firm until September 30 when the Part 2 of the bonus is to be paid.
Then came Davis Polk who offered even larger bonuses, now matched by Big Law leader Skadden, who have announced the bonuses reported in AbovetheLaw below –
Skadden also clarified, like their peers, this will be in addition to the regular year-end bonuses, which they anticipate will be at least as big as last year’s bonus pool.
Additionally, the firm noted that if an associate does not meet the hours requirement for the June bonus payment (though that threshold is not disclosed in the email, it’s expected it’ll be in line with the firm’s usual hours requirements), they’ll have an opportunity to garner a make-up payment along with the December bonus, according to the ATL report.