Normally around this time of year, associates at New York's big law firms begin gearing up for the annual ritual by which their employers award them year-end bonuses. But this is no normal year. Indeed, with law firms' major financial industry clients in a parlous state, the firms themselves laying off unprecedented numbers of lawyers and the overall economy in doom-and-gloom mode, the subject of bonuses, which are paid on top of base salaries that start at $160,000 for first-years, is an awkward one.
Firms Rethink the Value of Associate Bonuses
New York Law Journal
November 18, 2008