Top 50 Biglaw Firm Rolls Out 'Enhanced' Bonus Structure
Not so fast, it's not as 'enhanced' as you think it is.
Thank God it’s Friday night and I just just just just juuuuuuuust, got paid! That’s what associates are singing at Dechert right now, because their firm finally decided to hop aboard the spring special bonus bandwagon.
Earlier this afternoon, we called the firm out as one of the few Top 50 firms that had yet to announce special bonuses, and now, here we are. Dechert will be matching the Davis Polk bonus scale… kind of. Here’s what that looks like at the firm (full memo available on the next page):
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This what we’ll call a creative way to make sure everyone gets a little taste of the bonus cash, no matter their hours. Associates and counsel across all class years will automatically receive a minimum bonus of $6,000 in the spring and fall. Attorneys who meet the firm’s standard bonus hours requirements will be eligible for an “enhanced” bonus — and by “enhanced,” Dechert means everyone will be eligible for the rest of the prevailing market bonus. Those who meet their hours requirements in both the spring and fall will be eligible for a match of the full Davis Polk bonus scale. Those who reach their hours targets at year end but missed the first payment cycle will receive the full “enhanced” bonus.
Congratulations to everyone at Dechert.
(Flip to the next page to see the full memo from Dechert.)
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). 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.
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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.
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