Biglaw Firm Announces Bonuses As Well As An Incredibly Flexible Reopening Plan
Associates are happy about one part, kind of pissed about the other.
(Image via Getty)
As we get closer and closer to the unofficial start of summer that is Memorial Day, more and more law firms are coming forward to announce their plans for making a return to the office in the wake of the pandemic. The majority of firms have recognized that flexibility is key when it comes to bringing lawyers and staff members back to the office, and we’ve now heard from an Am Law 100 firm with a plan that’s flexible as can be.
Last week, Venable — a firm that came in at No. 65 on the latest Am Law 100 ranking, having brought in $681,864,000 gross revenue in 2020 — notified all employees of its “gradual return to the office.” How gradual, you ask? Right now, the firm isn’t even providing a firm reopening date. Here are some additional details from a memo emailed on behalf of Stuart Ingis, Venable’s chairman:
The firm will not set a single reopening date but is planning a range of activities to allow all of us to ramp up over the summer and to populate our offices in greater numbers beginning in September.
The firm will continue to provide flexibility for remote work for most roles for the foreseeable future, balancing the needs of practice groups, departments, and job responsibilities. As we go through the summer, we will provide more specific guidance regarding policies, practices, and expectations for post-Labor Day. As we repopulate our offices, we will maintain COVID protocols and office health and safety measures and evolve them as appropriate to reflect changes in guidance from public health authorities and state and local governments. We strongly urge those of you who are able to be vaccinated to do so.
All Venable personnel are encouraged to go to the office sometime this summer, where a few happy hours, team meals, and other voluntary events will be taking place. On top of all of this flexibility, the firm announced “a modest but heartfelt thank you stipend” for all eligible employees. Here are the details:
Professional staff, paralegals, staff attorneys, policy advisors, trademark counsel, patent agents, and nurse consultants with annual salaries less than $120,000 will receive a $1,000 payment. Individuals in those roles earning $120,000 or more will receive $2,500. Associates and eligible counsel [those promoted in 2020 and 2021] will receive $5,000. These payments will be made on June 18 to those in good standing on the day of the payment to express the Partnership’s appreciation to you.
Granted, this is a far cry from the special bonuses that have made their way across Biglaw this spring, but on the bright side, unlike at some firms, there aren’t any billable requirements attached to the Venable’s stipend. According to one of our sources, “people are happy about the flexibility on return to office, but less happy about the COVID money (although grateful for something).”
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Another source offered these thoughts:
Most associates are keenly aware of how far under market this falls. Everyone is grateful for something but senior associates especially feel miffed compared to rest of market.
Handing out bonuses that are woefully under market, as “heartfelt” as they may be, is perhaps inappropriate during a time when the lateral market is on fire, but who are we to tell a firm how to run its business. Nonetheless, kudos to Venable for its incredibly flexible reopening plan. Announcing that at the same time as these small stipends was likely enough to take some of the sting away.
What has your firm announced as far as a reopening plan is concerned? The more information is out there, the more likely it is that firms will be able to establish a market standard for a return to work.
(Turn to the next page to see the full email from Venable.)
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As soon as you find out about these updates at your firm, please email us about reopening plans (subject line: “[Firm Name] Office Reopening”), email us about bonuses (subject line: “[Firm Name] Matches”), or text us at (646) 820-8477. We always keep our sources on stories anonymous. There’s no need to send a memo (if one exists) using your firm email account; your personal email account is fine. If a memo has been circulated, please be sure to include it as proof; we like to post complete memos as a service to our readers. You can take a photo of the memo and attach as a picture if you are worried about metadata in a PDF or Word file. Thanks.
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.
