"As Biglaw firms jockey to position themselves as compensation leaders - or at least avoid being labeled as laggards - associates across the Am Law 100 continue to refresh their inboxes, hoping for a market match of the Cravath/Milbank scale for year-end and special bonuses. At some firms, however, associates face the return of black-box bonuses, leaving many wondering how, exactly, their payouts were decided. One firm that uses a black-box structure recently announced bonuses, and thankfully, it seems to be a match."
"Here's some additional explanation on Haynes Boone's bonus compensation strategy: The firm's memo goes on to note that those who don't receive bonuses on scale for their class may be able to receive a "catch-up" bonus if their performance later meets standards. For a firm that puts its cash inside of a black box, this is about as close to transparency as you can get."
Biglaw firms continue to compete on compensation, prompting associates to watch for market-level year-end and special bonuses. Texas-based Haynes Boone reported $635,840,000 gross revenue in 2024 and ranked No. 86 on the Am Law 100. The firm announced individualized year-end bonuses across all class years, with sources indicating that attorneys who billed at least 2,000 hours received a market match. Typical market-match scales range from $20,000 for the Class of 2024 to $115,000 for 2018+ associates, with intermediate amounts for other classes. Associates who initially miss scale may receive a "catch-up" bonus if later performance meets standards. The firm uses a black-box cash allocation but allows some retroactive adjustments.
Read at Above the Law
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