And identical to that, one other big-money agency bites the mud in relation to providing particular bonuses to its associates. Last week, on April 2, we made an inventory of the remaining Top 50 Am Law firms that had but to hitch the bonus bandwagon, and a type of companies was Norton Rose, which got here in 12th place in the latest Am Law 100 rating, having introduced in $1,904,019,000 gross income in 2019. Now, lower than per week later, the outlook has modified, and associates (in some areas), are very blissful.
Sources inform us that someday yesterday, Norton Rose introduced particular bonuses in keeping with the beneficent Davis Polk scale. These is what that appears like on the agency (a memo from NRF is accessible on the next page):
As famous within the agency’s memo, solely associates in California, New York, Texas, and Washington, D.C. might be receiving the bonuses outlined in that chart. Associates in Denver, St. Louis, and Minneapolis will obtain bonus payouts on a “regional scale.” NRF is barely the second agency we all know of that’s determined to institute regional bonus funds. (Stroock might be “incorporat[ing] local market factors” for associates in its Los Angeles and Miami places of work.) According to one in all our sources, “Associates are rightly pissed and won’t be around much longer.” Yikes.
It seems like associates will obtain funds in June and in December, based mostly on 1950 annualized hours. If you could have any further particulars on the eligibility scheme for these bonuses, please reach out to us. Congratulations to (virtually) everybody.
(Flip to the next page to see the complete memo from Norton Rose Fulbright.)
Remember everybody, we rely in your tricks to keep on high of necessary bonus updates, so when your agency matches, please textual content us (646-820-8477) or email us (topic line: “[Firm Name] Matches”). Please embody the memo if obtainable. You can take a photograph of the memo and ship it through textual content or e mail should you don’t wish to ahead the unique PDF or Word file.
And should you’d like to join ATL’s Bonus Alerts (which is the alert checklist we additionally use for ongoing wage bulletins), please scroll down and enter your e mail tackle within the container beneath this publish. If you beforehand signed up for the bonus alerts, you don’t must do something. You’ll obtain an e mail notification inside minutes of every bonus announcement that we publish. Thanks for all your assist!
Staci Zaretsky is a senior editor at Above the Law, what place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to email her with any suggestions, questions, feedback, or critiques. You can keep track of her on Twitter or join together with her on LinkedIn.