So much for Cravath being the high-water mark in the 2010-2011 associate bonus season. Quinn Emanuel will be paying its hard-working associates a bonus of up to $82,500. And there's more.
Other firms kept pace with Quinn, including Susman Godfrey and Cahill Gordon & Reindel, which the ABA Law Journal reports announced associate bonuses topping out at $75,000. However, reportedly, Boies Schiller & Flexner bonuses this year take the proverbial cake reaching over $200,000 for a few chosen associates and with an average of $75,000 for those at the firm more than a year.
Back at Quinn, for those who joined the ranks in 2009 and hit hours between 2,000 and 2,099 with the promise of more to come, you will receive $8,438, reports Legal Week. If you increase the billables to 3,000 as a 2003 associate, you hit the big $82K payday. As noted in a previous post, heavyweight Cravath came in at a quite lightweight associate bonus mark of $7,500 to $32,500 for this year.
There is however, a small catch to the Quinn bonus, as the more cynical among you might have already suspected. According to the Journal, the payments will be split in two, with the first being approximately two-thirds of the amount and to be paid in December, and the remaining third to be paid in June, 2011. This will only apply to associates who met a minimum 2000 billable hours target. And for the June payment, only for those who are on track to do so next year as well. No slacking allowed.
If any Quinn Emanuel associates were concerned over next year's pay out, their worries were laid to rest by the memo from the head of complex litigation, Richard Schirtzer. "I want to emphasize that the June bonus will not impact anyone's 2011 year-end bonus," Schirtzer wrote. "Rather we elected to pay bonuses that are essentially 150% of the bonus standard announced by many other firms, but to pay a portion of it in June."
If you are one of the lucky associates, congrats. For the rest of us hard working legal eagles, it is just a Happy Christmas/Kwanza to all, and to all a good night.