Way back in May, the legal world got its first taste of the 2019 round of summer bonuses when Gunderson stepped up and offered associates a little taste of bonus cash. After a summer pay extravaganza last year that saw associate salaries spike and summer bonuses to boot making for a very, very fine year for attorneys. No one expected a repeat of 2018, but Gunderson’s move seemed to kick off another season of small but appreciated bonuses.
And then… nothing. The legal industry went on radio silence. Revenue is up, yet firms seem much more cautious this year. Whether that stems form honest recessionary fears or the knowledge that they can plausibly write-off their thrift as a response to recessionary fears is less clear.
But with summer dying down, Patterson Belknap has decided it’s able to share some of the wealth with its associates. Perhaps more exciting, in a nod to the mostly bygone era where associates were treated as professional colleagues rather than revenue vectors, the bonus will be offered without any hourly requirement and every associate will get the full amount for their class year (with provisions for newcomer pro-rating and those on part-time schedules).
Here’s what the good folks of Patterson are looking at:
Class of 2019 $7500
Class of 2018 $7500
Class of 2017 $7500
Class of 2016 $10000
Class of 2015 $10000
Class of 2014 $12500
Class of 2013 $15000
Class of 2012 $30000
Class of 2011+ $40000
The firm’s memo notes that they aren’t in a position to make summer bonuses are annual tradition, but that they respect that exceptional financial performance — like the firm’s turned in over the first half of 2019 — calls for some remunerative celebration.
Congratulations to everyone at the firm. Hopefully some more firms will join the party.
(Full text of the memo on the next page…)
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Earlier: Gunderson Announces Summer Bonuses — Your Move Am Law 100!
Where In The World Are… Your Summer Bonuses?
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.