Possible Boies Associate Bonus: $1 Million
A big litigation win for Boies, Schiller & Flexner could translate to big bonuses for some of the associates who worked on the case.
Those who opted to wait for a percentage of the payoff in the case when it was resolved could get $1 million each, reports American Lawyer in an article reprinted by New York Lawyer (reg. req.). Each associate’s share of the settlement of as much as $2.25 billion to be paid by Visa Inc. to firm client American Express Co. depends on how many hours the individual worked on the case, and lawyers at the firm declined to estimate precisely how big a bonus each associate is likely to be paid once the exact contingent attorney fee is determined.
Some associates can expect far lesser bonuses at this point, though, because they opted to get an hours-based annual firm bonus for work they did on the case, which was filed in 2004, rather than roll the dice and wait and see how well it paid off for the firm, the magazine reports. “So how many of the associates who worked on the mammoth case decided to roll the dice? Between a quarter and a half, according to Boies,” the article states.
The magazine bases its $1 million bonus figure on estimates that an associate who opted to wait and see put in 5 percent of total hours on the case, and that Boies, Schiller gets a $100 million attorney fee.
Details about the federal antitrust litigation, which was filed in New York, are provided in an American Express press release from the time the suit was filed.
