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.
The firm we're speaking of is of course Axinn, which in early September announced a salary scale ranging from $250,000 for first-years to $460,000 for eighth-years - - $25,000 above the current Biglaw salary scale for each class year. While Biglaw firms are trotting out the same old lockstep salary scale this holiday season, Axinn is retaining its enhanced one.
Another day, another elite law boutique that's offering bonuses to their associates that blow the prevailing market bonuses at Biglaw firms out of the water. Litigation powerhouse Kellogg Hansen recently announced special bonuses, and of course they're way above market. It isn't much of a surprise; the firm's base compensation ranges have been on top of the Biglaw scale for years, and their year-end bonuses are huge too. This just lines Kellogg associates' pockets with even more money.
Bonus news is still coming in at Biglaw firms. The latest firm to announce a market match on associate bonuses is Katten Muchin Rosenman. Well, if you've been busy billing - and the bonus amount keeps going up the more you bill. Sure, the year-end bonus schedule at Katten is a little more complex then most. But associates can take down market bonuses once they bill 2,000 hours. Additional billables are rewarded as per this chart.
There's a high-priority email associates are looking for this time of year - the one with a bonus announcement. Thankfully, Linklaters associates are done with the wait. The firm raked in a whopping $2,965,192,000 in gross revenue in 2024, according to American Lawyer. Coffers that rich make it easy to spread the wealth around via bonuses and special bonuses. Here's the scale:
Break out the stretchy pants and gratitude journals, because McKool Smith, the Texas-based complex trial firm that's been handing out money to associates hand over fist for years, just dropped a little holiday surprise on its associates: special Thanksgiving bonuses, ranging from $2,500 to $10,000 depending on seniority. Yes, in addition to year-end bonuses. It's not quite Milbank's summer "please love us, please stay, please bill" bonus extravaganza, but McKool's offering is nothing to sneeze at.
Partners have reportedly taken a break from the million-dollar summer homes their associates toil to make possible to let the rabble know that their hefty bonuses might be "in jeopardy" because they haven't done enough hallway waving this quarter.
