Energy Drink Sued by Two State Attorneys General
Energy Drink Sued by Two State Attorneys General
Philly Woman with Permit to Carry Charged in New Jersey with Unlawful Possession of a Weapon
Philly Woman with Permit to Carry Charged in New Jersey with Unlawful ...
French Law Ruled Against by European Court of Justice
French Law Ruled Against by European Court of Justice
Florida Judge Throws Out Same-Sex Marriage Ban
Florida Judge Throws Out Same-Sex Marriage Ban
Job Listings

More Bonus News – And it’s a Little Different

Two more firms have announced their bonus schedules and they’re a bit different from the Cravath scale.

Sullivan & Cromwell is paying bonuses ranging from $7500 to $35,000 depending on class year. The only change is at the high end where senior associates will receive $5000 more than at firms on the Cravath scale.

Patton Boggs is doing things differently. They are paying bonuses based on both class year and the number of billable hours by which an associate exceeded their target goal. The scale ranges from $5000 to $45000. You’ll note that it’s lower on the low end and higher on the high end, but more importantly it cuts out completely anyone that missed their target goal for billable hours. Given the state of the legal economy I have to wonder how many associates won’t be getting a bonus at all, and of those that do, how few are hitting that top mark.

Patton Boggs also told its associates that those that missed their billable hour target by a large enough amount would receive a salary cut. Missed by 300 hours? That’s a 10% pay cut. Missed by 500 hours? That’s a 20% pay cut. And since salaries are remaining frozen, that means a third year associate that missed by 500 hours will receive $122,000 next year while new first years get $160,000.

Did you like this? Share it:
More Bonus News - And it's a Little Different by

Tagged: , , , , , , , ,

Posted by on December 2, 2009. Filed under Home,Legal News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

 

 

Job of the Day
Employment Litigation Associate
USA-NJ-Montclair

Plaintiff-side employment litigation firm in Montclair, New Jersey.  We are seeking an associate who is admitted to practice in the state and federal courts of New Jersey and New York, and who ha...