Elite US Law Firms Award Six-Figure Bonuses to Associates
Top US law firms are awarding their associates bonuses exceeding $300,000, highlighting strong financial performance in the legal sector.
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DOJ Seeks to Keep Epstein Associates' Wire Transfer Names Confidential
The DOJ has requested a judge to keep the names of two associates who received large payments from Jeffrey Epstein in 2018 confidential, citing their privacy concerns, despite public interest and previous legal proceedings.
Big Law Firms Boost Bonuses to Retain Top Talent Amidst Competitive Market
Skadden Arps has announced its year-end bonuses, matching Milbank's scale and offering additional cash for its most senior associates. The firm, ranked No. 5 on the Am Law 100 with over $3.27 billion in revenue for 2023, is rewarding associates from the class of 2017 and senior with up to $125,000 plus a $25,000 special bonus. This move highlights the competitive nature of compensation in Biglaw, encouraging other firms to recognize the hard work of their experienced lawyers.
BigLaw Associates Enjoying Higher Salaries and Reduced Workload
Big Law associates are experiencing a significant decrease in work hours and a substantial increase in salaries, with the average hours billed in 2023 dropping to a record low. The recent baseline salary increase to $225,000 for Biglaw associates, combined with the decrease in billable hours, could result in a productivity loss of over $100,000 per associate, according to a report from Wells Fargo’s Legal Specialty Group.
Ex-Michigan House Speaker's Associates Charged with Embezzlement, Investigation Ongoing
Associates of former Michigan House Speaker Lee Chatfield, Anné and Rob Minard, have been charged with multiple felony counts related to the misappropriation of funds tied to Chatfield. The charges were announced by Michigan Attorney General Dana Nessel, who highlighted the concrete evidence of their alleged abuses. The case against Chatfield himself remains open.
"Revealing the Hidden Network: Names of Jeffrey Epstein's Associates and Victims Unveiled"
A federal judge has ordered that the names and documents related to Jeffrey Epstein's alleged associates and victims be made public in 2024, allowing for greater transparency and potential accountability in the case.
"Federal Judge Orders Unsealing of Jeffrey Epstein's Associate List, Revealing Over 150 Names"
A federal judge in New York has ordered the unsealing of court documents in early 2024, revealing the names of scores of Jeffrey Epstein's associates. The documents are part of a settled civil lawsuit alleging that Epstein's former partner Ghislaine Maxwell facilitated the sexual abuse of Virginia Giuffre. Over 150 people are expected to be identified in the files, shedding light on Epstein's sex trafficking operation. Some individuals, including Harvard law professor Alan Dershowitz, have already been publicly associated with Epstein. The release is set for January 1, allowing those who object to their names being made public to voice their concerns.
West Coast Biglaw Firms Raise Salaries to Match Top Competitors
New York-based law firms Milbank and Cravath have initiated raises in Biglaw compensation, and now West Coast firm Fenwick and West has announced that they will match these raises. Fenwick and West will also provide year-end bonuses to associates based on their billed hours, with high billers eligible for the firm's Rest, Recreation, and Relaxation program. Associates who make extraordinary contributions to the firm will be rewarded with time in a firm condo in Hawaii or St. Thomas.
Milbank Makes Bold Move: Raises Associate Salaries and Announces Year-End Bonuses
Milbank has announced its annual year-end bonus scale for associates, matching last year's bonuses for each class. In addition, the firm will increase the base compensation for all associates by $10,000 starting January 1, 2024. This move goes against predictions of economic uncertainty in the industry and positions Milbank as a compensation leader. Other Biglaw firms will be closely watched to see if they can match this additional cash and remain competitive.
Improving Associate Success: Law Firms' Responsibility in Billable Hours and Training
Law firms should stop suing associates for not meeting their billable hour targets, as it is the responsibility of partners to bring in work and associates to perform at their appropriate level. The lack of work for associates is often due to factors beyond their control, such as being frozen out or a decrease in client demand. It is not the associate's responsibility to rectify these issues, and litigation should not be used as a means to address performance problems.
"Quinn Emanuel Rewards Employees with Special Fall Bonuses"
Quinn Emanuel, a law firm, has announced special fall bonuses for associates, ranging from a few thousand dollars for junior associates billing between 2000 and 2099 hours to $32,908 for senior associates billing over 2700 hours. The bonuses are unusual but reflect the firm's successful year and aim to reward the dedication and talent of its associates. Other firms may consider matching these bonuses.
The Changing Dynamics Between Partners and Associates in Biglaw
According to Law.com's Midlevel Associates Survey, a city received the highest satisfaction score of 4.49 out of 5 from midlevel associates practicing law, making it an ideal place for Biglaw associates.
"Law Firms Implement 'Stay Interviews' to Retain Associates and Address Changing Needs"
Biglaw firms are using "stay interviews" as a new approach to assess the needs of their associates and make necessary changes to retain them. Cozen O'Connor and Lathrop GPM have reported positive experiences with these interviews, which have helped identify areas for improvement such as firm culture, work-life balance, and professional development opportunities. The use of stay interviews has resulted in increased associate retention rates, demonstrating that innovative methods can improve associate satisfaction and encourage them to stay with their firms.
Biglaw Associates Push Back Against 4-Day Office Mandate
Biglaw associates are expressing strong dissatisfaction with the four-day office mandate implemented by some elite law firms, with many suggesting that two days a week would be more preferable. However, not all firms are following suit, indicating that this perk may not become widespread.
"Biglaw Firms' In-Office Mandates: Trendsetters or Outliers?"
Biglaw firms are regaining leverage over their associates by implementing in-office work mandates, as demand for legal services remains low. While some lawyers may choose to leave firms with stricter office attendance requirements, the overall lack of work opportunities in the current economic climate gives elite firms the power to enforce these mandates. The future of this leverage will depend on broader economic forces.