Summary: Litigation boutique Eimer Stahl added a little something extra to their bonus rate this year to award high-performing and federal clerkships.
Cravath had to know it was bound to happen. Being the first ones out of the gate would leave things open for other law firms to easily out-bonus them, even by just a little. And the other firms have. Eimer Stahl is the latest firm to make the formal announcement that their bonus rate this year is higher than the rate set by Cravath.
Eimer Stahl, a litigation boutique in Chicago, will give a generous bonus to their associates with a little extra for new associates that completed federal clerkships. The new payment structure starts immediately for new associates that started this past fall. Associates that join the firm directly from a clerkship with a federal circuit court judge will receive a $100,000 bonus. Those that join from a clerkship with a federal district court judge will receive an $80,000 bonus. Associates that have two federal clerkships receive $20,000 on top of their bonus.
Managing Partner Nate Eimer said, “Although the firm does not exclusively hire lawyers who have clerked, we and our clients recognize and value the experience and perspective that associates gain from a federal clerkship. Our new clerkship bonus structure is designed to help us continue to attract the best legal talent in the country and ensure incoming judicial clerks are compensated commensurate with their value to the firm and with the changing legal market.”
The firm has 32 lawyers. Seven had completed clerkships with U.S. district court judges in the past and seven completed clerkships with U.S. court of appeals judges.
The remainder of Eimer Stahl’s new bonus structure is as follows. The first tier is a merit-based bonus which matches Cravath’s rate. The second tier is an additional bonus for high-performing associates based on performance and annual profitability.
Class of 2016 – pro-rated $15,000
Class of 2015 – $15,000
Class of 2014 – $25,000
Class of 2013 – $50,000
Class of 2012 – $65,000
Class of 2011 – $80,000
Class of 2010 – $90,000
Class of 2009 – $100,000
They do not have minimum billing requirements in order for the associates to qualify. Eimer said, “We think that such requirements are contrary to the best interests of our clients and view the quality of an associate’s work as the key determinant of year-end bonuses.”
Do you think their new bonus for federal clerkships will give them an edge over other law firms? Tell us in the comments below.
To learn more about bonus announcements, read these articles:
- Schulte Roth & Zabel Offers Associates Big Bonus
- Susman Puts Other Bonuses to Shame
- Two Law Firms Step Forward to Up the Bonus Scale
Photo: flickr.com