Newspaper article International New York Times

Big Bonuses for Associates Make Law Firm Stand Out

Newspaper article International New York Times

Big Bonuses for Associates Make Law Firm Stand Out

Article excerpt

Boies, Schiller & Flexner is paying bonuses of as much as $300,000 to some of its associates, with the average young lawyer getting $85,000.

The law firm co-founded by the litigator David Boies is again breaking away from the pack when it comes to showering big year-end bonuses on young lawyers.

The Boies, Schiller & Flexner law firm is paying bonuses of as much as $300,000 to some of its associates, with the average young lawyer taking home an additional $85,000, a firm spokeswoman, Dawn Schneider, confirmed late Tuesday. Last year, the maximum bonus handed out to some of the young lawyers at the firm, which specializes in trial and appellate litigation, was $250,000.

Other major law firms are giving much smaller bonuses to their young lawyers, with payments topping out around $60,000.

Cravath, Swaine & Moore, often a trendsetter in compensation for major law firms, recently gave associates bonuses of $10,000 to $60,000. Skadden, Arps, Slate, Meagher & Flom paid $60,000 bonuses to associates who had been with the firm since 2005 or longer, and $2,500 to those who joined in the past few months.

The big law firms that focus on corporate and securities work, including advising on mergers, litigation and restructurings, traditionally have moved in lock step on associate pay and bonuses. Bonus amounts at most big law firms are determined largely by seniority. But Boies Schiller, with its more litigation-focused business, has sought to distinguish itself by rewarding associates for the amount of time they put in on significant cases.

Boies Schiller, with offices in New York, Washington, Las Vegas, Miami and nine other cities, is awarding bonuses to its 133 associates a few days before the firm's annual winter retreat this weekend in Key Biscayne, Fla. The average associate makes a base salary of $220,000. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.