$100K Associate Bonuses Unlikely to be Repeated, Consultant Says
Associates at big law firms hard-hit by the economic downturn should expect to see lower bonuses this year, according to an attorney compensation consultant.
James Cotterman of Altman Weil told the National Law Journal that firms with hard-hit practices in real estate and structured finance are most likely to be paying less. And don’t expect to see any special bonuses like those doled out last year.
Many large law firms paid special bonuses of up to $50,000 on top of year-end bonuses last year, bringing total bonus pay to more than $100,000 for associates at many of the largest law firms.
While associates at big firms may see lower bonuses, those at regional firms that are more insulated from Wall Street’s problems may see bonuses on a par with last year, Cotterman told the National Law Journal.
Cotterman believes many law firms will delay bonus decisions this year as they evaluate their profits. One firm is already taking that tack.
Morgan, Lewis & Bockius has pushed back bonuses by one month, from December to January, to allow more time for associate evaluations and an assessment of the firm’s financial picture.
