Jones Day Doesn’t Do Bonuses, But Does Do 36 Partner Promotions
Jones Day isn’t paying bonuses or lockstep pay increases, but it’s generous when it comes to partnership promotions.
The law firm has announced 36 new partners, the same number as last year and only four less than in 2008, according to the Careerist.
The blog interviewed Jones Day partner Joe Sims. “We don’t do bonuses,” he said, because they create an artificial incentive to bill hours rather than attend to client needs. Nor does the firm pay lockstep salary increases. “We do merit raises,” Sims said.
The Careerist began its article this way: “Bless its Midwestern heart: Cleveland-bred Jones Day could care less about prevailing trends and fashion. Instead of doling out those Cravath-size bonuses ($7,500 to $35,000) like every other mega firm in the nation this year, Jones Day is sticking by its guns: No bonuses for anyone. Nada.”
