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Jones Day, a leading international law firm based in Ohio, will once again forgo associate bonuses this year.
Joe Sims, a Jones Day partner, said in an email that Jones Day will not bow to industry pressure by providing bonuses. He explained that the associates at their firm are rewarded in different ways. “We don’t do bonuses. We did away with that several years ago. Most bonuses are tied to hours billed, which creates an artificial incentive-artificial in the sense it is separate from any particular client needs-to bill hours. We compensate our associates based on their overall contribution in all the aspects of their work, just as we do our partners.” Sims added that although Jones Day does not give bonuses, the firm provides merit raises to its associates.
Recently, other law firms such as Boies Schiller, Susman Godfrey, Quinn, Emanuel, Urquhart & Sullivan, Cahill Gordon & Reindell and Cravath, Swaine & Moore announced their year end bonuses. The bonuses in most firms range from $7,500 to $35,000. However, Boeis has moved well ahead with its $75,000 to over $200,000 bonus to its associates. Sims explained that even though Jones Day does not give out bonuses, their associates stay with the firm because it’s still making partners. In fact, Jones Day recently announced that the firm has 36 new partners in its various practices such as antitrust, trial practice, bankruptcy, merger and acquisitions–and even a couple or so in real estate.
