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Boies Schiller Leads the Bonus Race
Boies, Schiller & Flexner LLP, one of the nation’s premier law firms with over 200 lawyers, is now leading this year’s bonus race. The firm recently announced its market busting bonus schedule which will pay first year associates a bonus of $75,000 while senior associates take home over $200k. This bonus plan is head and shoulders above bonus schedules issued by the firm’s competitors in the legal industry. In the previous weeks, other law firms such as Susman Godfrey, Quinn, Emanuel, Urquhart & Sullivan, and Cahill Gordon & Reindell announced bonus schedules remarkably similar to the disappointingly low plan issued by Cravath, in which even the top associates will receive less than a first year Boies Schiller attorney. This doesn’t come as a huge surprise; last year Boies Schiller also bucked the trend and paid bonuses well above market rates.
Boies Schiller partner Philip Korologos explained that 2010 has been a productive year for the firm and that’s why they can afford to give such bonus amount to its associates. “Boies, Schiller & Flexner LLP is proud of its associates’ extensive contributions to the firm’s considerable accomplishments in what was a very busy year.”
According to the recent AM Law 100 financial data, Boies, Schiller & Flexner registered gross revenue of $296 million in 2009, which was 0.3% higher compared to its revenue in 2007. In 2009, the revenue per lawyer at the firm also hiked by 4.7%, closing it to $1.35 million.