Latham Just Shocked Us All With Fall Bonuses!
Plus they announced a charitable giving program.
(Image via Getty)
I had pretty much given up hope that any other Biglaw firms would be handing out fall appreciation bonuses.
I mean, it was great when Cooley started the COVID appreciation bonus trend, and then Davis Polk upped the ante. And when firms quickly started piling on this new bonus scale, Biglaw watchers just kinda assumed that’s where the market was heading. But then Kirkland — the world’s richest law firm — begged off fall special bonuses, and seemed to be asking the market not to follow the trend. Then Cravath said no to fall bonuses, and where they go, most of Biglaw follows. At this point, actual bonus news is sporadic, and it’s only rarely good news.
What Do Millennials Think Of Law Firm Life?
So color us all surprised that Latham & Watkins just announced special fall bonuses! They’re matching the scale set by Davis Polk, which, since it’s been a while, is between $7,500 and $40,000 depending on class year according to the following schedule:
1st years – $7,500
2nd years – $10,000
3rd years – $20,000
4th years – $27,500
5th years – $32,500
6th years – $37,000
7th years and above – $40,000
The bonuses — which will be in addition to the firm’s normal year-end bonuses — will be payable on November 30th. You can read the firm’s full announcement on the next page.
In addition to the bonuses, the firm also announced a charitable giving initiative, “Giving Thanks By Giving Back.” The firm will make an initial contribution of $1,000,000 to fight hunger in local communities, and will match employee contributions up to another million dollars, hoping that Lathamites will “be inspired to give generously at this time of year to help those in need.”
Sponsored
Stuck Drafting A Tough Brief? This Tool Can Help.
The Global Legal News You Need, When You Need It
Legal Knowledge Management To Drive Dealmaking
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.
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
Sponsored
What Do Millennials Think Of Law Firm Life?
