As it does every year, Boies, Schiller & Flexner has awarded 2013 associate bonuses significantly sweeter than those doled out by the rest of The Am Law 100, with the firm’s high end hitting $300,000. Meanwhile, at least 10 other firms have now fallen in line with the $10,000-to-$60,000 range set, as usual, by Cravath, Swaine & Moore earlier this month.
Associates at the 16-year-old Cravath spin-off received extra payments of $85,000 apiece on average this year based on a combination of factors that included hours billed, seniority, origination credit, client responsibilities and success premiums, according to Boies Schiller cofounder and managing partner Jonathan Schiller.
New associates who have been with the firm just a few weeks or months got bonuses of as little as $5,000 or $10,000, Schiller says, while those nabbing the fattest checks earned $300,000—substantially more than last year’s maximum of $250,000. The minimum amount awarded to associates with the firm for at least a year was the same as last year: $25,000.
“Fees are not just for partners,” Schiller says. “They’re for associates and for everyone who worked on a case.”
Schiller scoffs at the suggestion that his firm, with 133 associates, has a greater ability than, say, Skadden, Arps, Slate, Meagher & Flom, which employs more than 1,000 associates, to be generous with bonus money.
“Their hourly rates are no lower than ours,” Schiller says. “In fact, they’re higher than ours. You can be sure those associates are generating an enormous amount of revenue. How much of that do they get to share?”
Skadden is among nearly a dozen firms that have announced associate bonuses that match the so-called Cravath scale established Dec. 2. Other firms in that category include: Bracewell & Giuliani; Cadwalader, Wickersham & Taft; Cleary Gottlieb Steen & Hamilton; Fried, Frank, Harris, Shriver & Jacobson; Paul, Weiss, Rifkind, Wharton & Garrison; Proskauer Rose; Shearman & Sterling; Simpson Thacher & Bartlett; and Willkie Farr & Gallagher.
To view this content, please continue to Lexis Advance®.
Not a Lexis Advance® Subscriber? Subscribe Now
LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.
ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.
For questions call 1-877-256-2472 or contact us at email@example.com