Boies Schiller deems its higher bonuses 'extraordinary' and 'extra-extraordinary;' top amount is $165K
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Boies Schiller Flexner is matching associate bonuses announced Nov. 21 by Baker McKenzie in just one respect.
Many associates who opted into the law firm’s market-rate bonus system will earn bonuses ranging from $20,000 for the class of 2021 to $115,000 for the class of 2015 and more senior associates, the same bonuses announced by market-leading firm Baker McKenzie on Nov. 21.
Boies Schiller is adding a prorated $15,000 bonus for the class of 2022. And it’s giving the bonuses to associates opting into its market-rate system who billed 2,000 to 2,349 hours, including preapproved hours for pro bono and other nonbillable work.
Associates billing 2,350 to 2,599 hours will get an “extraordinary bonus” ranging from $30,000 to $150,000 based on class year. And associates billing more than 2,600 hours will get an “extra-extraordinary bonus” ranging from $40,000 to $165,000 based on class year.
The bonus schedule applies to associates who opted into the law firm’s market-rate bonus system. Associates who opted into the old formula compensation system will receive bonuses based on billable hours, credit for originating or running certain matters, and premiums for recoveries in contingency or success-fee cases.
When Boies Schiller first offered associates a choice between the market and formula compensation system two years ago, the majority initially opted for the market system, the law firm said in its bonus memo. Two years later, the “vast majority” have opted to return to, or start on, formula compensation.
Associates can still switch back to formula compensation for 2023 if they act by the end of the year.
Here is the bonus schedule from the Boies Schiller memo posted by Above the Law, with the standard bonus, followed by the “extraordinary” and “extra-extraordinary” amounts:
• Class of 2022 (prorated): $15,000, $30,000 and $40,000
• Class of 2021: $20,000, $40,000 and $50,000
• Class of 2020: $30,000, $50,000 and $60,000
• Class of 2019: $57,500, $75,000 and $85,000
• Class of 2018: $75,000, $100,000 and $115,000
• Class of 2017: $90,000, $120,000 and $135,000
• Class of 2016: $105,000, $140,000 and $150,000
• Class of 2015 and more senior: $115,000, $150,000 and $165,000