Ogletree, Deakins, Nash, Smoak & Stewart is offering its associates and counsel an additional $10,000 performance bonus this year to recognize exceptional work during the COVID-19 pandemic, but pay cuts made in May are still in effect.
The national labor and employment firm will pay out the special $10,000 bonus to associates who bill 1,700 hours and to counsel and of counsel who meet their targeted billable hours for the year. That is on top of an existing $10,000 bonus for associates billing 1,900 or more hours annually and other existing bonuses for counsel and of counsel, Ogletree said in a statement to the Daily Report after Above the Law first reported the new bonus for associates.
Ogletree announced the additional bonuses internally on Tuesday “to reward associates, of counsel and counsel that are providing outstanding service to our clients during these challenging times,” it said in the statement.
“While the economics of this year are still very much to be determined, the firm believes it is appropriate to recognize and reward our attorneys,” the firm said.
However, temporary pay cuts that took effect in May are still in place. Ogletree said at that time that they would run through the end of the year. Equity shareholders’ compensation was cut by 20%, while associates, counsel and other lawyers took a 15% cut (which translates into an annualized 10% cut).
Lawyers on a reduced schedule are also eligible for the additional performance bonus, the firm said, adding that their billable hours requirement to receive the bonus will be pro-rated based on their schedules.
Ogletree’s associates and of counsel in its immigration practice do not bill hours, so their additional bonus will be based on revenue generated.
Other bonuses remain in place for Ogletree’s 317 associates. Those exceeding 2,000 billable hours already are eligible for a bonus that can be as high as 25% of pre-pandemic salary, depending on hours billed. They also are eligible for a separate bonus for success in originating business, which is equal to 10% of the origination dollars generated, the firm said.