Akin Gump Surprises Associates With 'Good News': Fall Bonuses!
Many firms have refused to pay out bonuses, but not this one.
Could it be? Is there a Biglaw firm out there that’s bold enough to offer its associates a fall bonus after Cravath put the kibosh on doling out cash before the end of the year?
Yes! Finally!
Akin Gump — a firm that came in at No. 34 on the most recent Am Law 100 ranking, with $1,135,014,000 in gross revenue — has bucked the trend and is matching Davis Polk’s generous scale. In an email entitled “Good News and Appreciation,” chair Kim Koopersmith acknowledged her attorneys’ dedication during these difficult times, writing, “You have been making extraordinary contributions in the most challenging of circumstances. In recognition of your dedication and contribution to our firm, we will be paying a special fall bonus to our associates and counsel in good standing.”
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In case you’ve forgotten what the DPW scale looks like (and you probably have by now since it’s been so long), here it is:
- Class of 2019: $7,500
- Class of 2018: $10,000
- Class of 2017: $20,000
- Class of 2016: $27,500
- Class of 2015: $32,500
- Class of 2014: $37,000
- Class of 2013+: $40,000
(Flip to the next page to see the full Akin bonus memo.)
Associates are thrilled as can be. “Nice to see Akin Gump ignore the trend of firms refusing to pay this bonus—especially considering how busy everyone has been this year and how well the firm has done,” said one associate. “Feels great, especially for those of us in exceptionally busy practices,” said another.
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Akin Gump’s special bonuses will be paid out on November 30, and the firm has committed to offering its “usual year-end [bonuses] at the market scale.”
Congratulations to everyone at the firm. Will your firm step up and offer fall bonuses?
Please help us help you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
