The discrepancy among big firms highlights the uneven approach BigLaw is taking to bonuses so far in 2024, with fewer firms apparently in lockstep with the bonus decisions of the industry elite and several firms delaying their bonus decisions compared with others.
Some BigLaw firms that have announced bonuses are tying special bonuses to hourly requirements or are not paying them at all. Associate legal recruiter Darin Morgan noted he doesn’t anticipate a "mad rush" for these bonuses, which usually reflect a competitive environment for talent.
Lockstep bonuses may not be a good idea for all firms, according to David Lat, who commented that firms should assess their unique circumstances instead of following industry norms blindly.
The market rate for year-end bonuses is $15,000 to $115,000, while additional special bonuses range between $6,000 and $25,000, raising total bonuses significantly for some classes.
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