Biglaw Firm Busts Out Special Bonuses — But They’re (Mostly) Below Market Rate

Despite all of the upheaval within the authorized trade (and the remainder of the world) in 2020, there’s additionally been a good quantity of fine information — principally within the type of cash. Elite Biglaw companies have largely determined handy out particular bonuses — along with the standard year-end bonuses — in recognition of associates’ onerous work throughout a very difficult time. Now Cozen O’Connor has determined to get in on the motion.

According to management on the agency, Cozen O’Connor had a reasonably good 12 months. And they’re inclined to share that success with the rank and file of the agency, from an electronic mail despatched by the management (available in full on the next page):

We couldn’t be extra pleased with the truth that we didn’t must take the austerity measures that many companies took in lowering compensation of its workers and legal professionals.  It proves that our enterprise mannequin of retaining earnings to guard towards unexpected circumstances within the economic system is absolutely the proper solution to handle a legislation agency.  Of course no person might have predicted {that a} pandemic would take a look at the resilience of the authorized trade, however regardless of the occasion, our monetary energy set us aside from our friends.

The bonus scale at Cozen is as follows:

As you may see first 12 months associates make out barely higher under the Cozen scale (market charge is $7,500 for them). The class of 2018 is similar as market charge. But by the category of 2017, associates are lacking out in contrast with the market numbers. And we’re not speaking about chump change — the distinction for mid-level to senior associates is $10,000 to $20,000 relying on class 12 months.

But smaller particular bonuses are higher than no particular bonuses, and WAY higher than austerity measures.

Please assist us assist you to with regards to bonus information at different companies. As quickly as your agency’s bonus memo comes out, please email it to us (topic line: “[Firm Name] Bonus”) or textual content us (646-820-8477). Please embody the memo if obtainable. You can take a photograph of the memo and ship it by way of textual content or electronic mail for those who don’t need to ahead the unique PDF or Word file.

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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the very best, so please join along with her. Feel free to electronic mail her with any suggestions, questions, or feedback and comply with her on Twitter (@Kathryn1).