Am Law 100 Firm Delights With Bonuses That Allow Associates To Earn Big Bucks Over The Market Rate
$45,000 over market? Yes, please!
Woohoo! Bonus season is kicking into high gear!
Yesterday, Schulte Roth — ranked 84th on the 2020 Am Law 200 — announced their year-end bonuses. Because 2020 has been challenging, the firm is reducing the usual hours requirements for bonuses, from 2,000 to 1,800. And more than just a simple match of the prevailing market rate, the firm is also offering step up bonuses (also with reduced hours targets). Here’s what the 2020 hours requirements are at the firm:
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And those special bonuses that are pretty much de rigueur at elite firms will also kick in at 1,800 hours.
Here’s what the full scale at the firm looks like this year (full memo available on the next page):
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All told, that’s between $15,000 and $45,000 (depending on class year) over market rate that associates can earn. That’s quite the thank you for the extra hard work associates put in during the pandemic. And you have to appreciate that the firm recognizes how fucked this year was by lowering the threshold for the extra cash. Kudos. And, we aren’t the only ones that think so. Tipsters at the firm report everyone appreciates the firm’s response:
Pretty happy with everything – hours target lowered to 1800, class bonus, special bonus, and on top of that the three step up targets are based on the 1800 hour target. For those of us who had a busy year at the firm, these aren’t unrealistic. The new firm management has done a pretty good job maintaining morale during Covid. Making the money more accessible to everyone this year is something we can definitely appreciate.
As always, we depend on you when it comes to bonus news. 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.
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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).
