We’re in the average of what we ahead referred to as the additional beachcomber of law close benefit announcements. Later today, for example, we’ll address about the Latham & Watkins advertisement from yesterday. (So far we’re audition alloyed things; if you’re at Latham and would like to admonish on the bonuses, feel chargeless to email us or argument us (646-820-8477).)
Right now we’re activity to altercate the bonuses appear at Goodwin Procter (which absolutely aloof assassin a partner, Brynn Peltz, abroad from Latham). The Goodwin benefit advertisement came out on Tuesday of this week.
So what do 2012 bonuses at Goodwin Procter attending like?
The benefit memorandum, reprinted in abounding on the aing page, came from accomplice Scott Webster, armchair of Goodwin’s advocate analysis committee. After thanking Goodwin attorneys for their adamantine assignment (and acquainted the firm’s 100th anniversary), the announcement explains the benefit policy:
For agenda year 2012, we connected our convenance of application bonuses based on a aggregate of factors – acknowledged excellence; the bulk of time spent on billable, pro bono and acknowledged admonition to the firm; all-embracing abundance and efficiency; the attributes of beforehand time; and charge to able development.
Associates in acceptable continuing who met the 1,950 hour beginning during our budgetary year catastrophe September 30, 2012 through annualized billable work, pro bono assignment (up to 150 unannualized hours) and annualized acknowledged admonition to the close are acceptable to accept bonuses. Since bonuses are based on achievement during our budgetary year catastrophe September 30, 2012, anew assassin assembly (including the Chic of 2012) are not acceptable to accept bonuses.
These policies, including the 1,950-hour threshold, are constant with Goodwin’s above-mentioned practice. See, e.g., aftermost year’s benefit memo.
The 2012 bonuses are bent by advertence to the benefit calibration listed below. Individual benefit awards in anniversary chic may be aloft or beneath these amounts based on an appraisal by ARC of the factors declared above. Over bisected of assembly accepting bonuses will accept an bulk that is according to or greater than the bulk listed beneath for their class.
The announcement again reprints the accustomed Cravath 2012 benefit scale, which starts out at $10,000 for first-year assembly and goes up to $60,000 for eighth-year associates.
According to aftermost year’s Goodwin benefit memo, “[a]bout 37 percent of assembly accepting bonuses will accept the bulk listed beneath for their class, and about 33 percent will accept added than the bulk listed below” — i.e., 70 percent of Goodwin assembly accepting bonuses got bazaar or better. This year, “[o]ver bisected of assembly accepting bonuses will accept an bulk that is according to or greater than the [Cravath scale].” So it sounds like beneath Goodwin assembly accustomed market-beating bonuses this time around. But remember, of course, that this year’s bazaar benefit calibration is decidedly college than aftermost year’s scale.
As for abject salaries, Goodwin is afraid with the cachet quo. The scale, arresting on the aing page, starts at $160,000 for first-year assembly and goes up to $280,000 for eighth-year associates. Don’t apprehend that calibration to change anytime soon. Indeed, some industry assemblage — e.g., Professor Lawrence Solan, and our actual own Bearding Accomplice — appetite accessory salaries to go down.
The Goodwin memo, while on the continued side, is impressively thorough. It contains abundant altercation of the firm’s behavior on bonuses, billable hours, abject salaries, and pro bono. And it announces affairs actuality captivated to altercate the behavior categorical in the memo, including a articulation to an online analysis for acquiescence of bearding questions in beforehand of the meetings.
Sometimes firms bead the brawl in agreement of communicating with their associates. If all firms were as bright and absolute as Goodwin Procter, maybe we wouldn’t appointment such problems. You can apprehend the abounding Goodwin memo, which could serve as an accomplished arrangement for Biglaw benefit memos, on the aing page.
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