Kaye Scholer ups ante, will pay bonuses of $10K to $80K in its two-tier plan
Posted Dec 12, 2013 4:55 PM CDT
By Martha Neil
Kaye Scholer announced Thursday that it will not only be matching but, for some high-billing associates, exceeding the end-of-year bonus schedule announced by a bellwether BigLaw firm.
Like Cravath, Swaine & Moore and other firms, Kaye Scholer will pay bonuses of $10,000 to $60,000 for associates in good standing, depending on their class year. But for those who billed 2,200 hours or more, another schedule kicks in, the firm explains in a written statement emailed to the ABA Journal.
The second-tier schedule begins at $20,000 for second-year associates, and tops out at $60,000 for those in the 2007 class, $70,000 for those in the 2006 class and $80,000 for those in the 2005 class.
That compares bonuses of $10,000 for both first- and second-year associates, $40,000 for those in the 2007 class, $50,000 for those in the 2006 class and $60,000 for those in the 2005 class whose billable hours for 2013 were below the 2,200 threshold.
“At Kaye Scholer, we strongly believe in rewarding our lawyers who not only meet, but regularly exceed, expectations," said the firm's managing partner, Mike Solow, in the statement. "Every year there are some associates whose performance is truly outstanding, sacrificing from their personal lives to serve our firm and clients. We think it only appropriate that those associates receive a little extra at bonus time, which is why we instituted the two-tier bonus system four years ago, and continued it this year."
ABAJournal.com: "Cravath to pay bonuses of $10K to $60K, the same as last year"
ABAJournal.com: "Big-bucks bonuses for Boies associates top out at $300K; average is $85KBig-bucks bonuses for Boies associates top out at $300K; average is $85K"