Irell & Manella MP Says Hefty Bonuses Aren’t an Attempt to Redefine Market
Posted Jan 7, 2010 7:06 AM CST
By Debra Cassens Weiss
Irell & Manella has announced associate bonuses ranging from $15,000 to $70,000, twice the going rate at many large law firms.
But Irell & Manella managing partner Elliot Brown says the firm is not trying to set a market-leading precedent, the American Lawyer reports.
"When we have an outstanding year, as we did in 2009, we try to share that with everyone at the firm," Brown told the Am Law Daily. "We are not trying to do anything beyond that. We are not trying to redefine compensation."
"Irell may not be attempting to redefine compensation, but in recent months several of the largest national law firms have, moving compensation in a downward trajectory,” the American Lawyer says.
Above the Law was the first to report Irell’s bonuses, to be paid to associates who billed at least 1,900 hours.