Davis Polk is again the firm to beat on associate bonuses, with payouts up to $64K
3/22/21 REUTERS LEGAL 19:28:53
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Caroline Spiezio
REUTERS LEGAL
March 22, 2021
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(Reuters) - In the coronavirus pandemic, every season is Big Law bonus season.
New York's Davis Polk & Wardwell, whose fall 2020 bonuses set the standard for top law firms looking to reward pandemic-weary associates, said Monday it will give associates extra bonuses in the spring and fall of 2021, too. The special 2021 bonuses range from $12,000 combined for the class of 2020 up to $64,000 for the class of 2014 and earlier.
Associates will be paid between $4,500 and $24,000 on April 26 and then from $7,500 up to $40,000 on September 30, according to an internal memo reviewed by Reuters. They'll also get a typical year-end bonus.
"The last twelve months have demonstrated exactly what makes Davis Polk special," managing partner Neil Barr said in the Monday memo to associates. "You have displayed excellence in all that you do – your work ethic, your skill, your resilience, your willingness to go above and beyond for our clients and for each other. This demands a tremendous level of professional and personal commitment.
"It is our foremost priority that you know that we appreciate you and all of your efforts on behalf of the firm," Barr's memo said.
His announcement comes just days after another New York firm that offered fall 2020 bonuses, Willkie Farr & Gallagher, said it would give associates bonuses ranging from $7,500 for the class of 2020 up to $40,000 for the class of 2014 and above, with half the amount paid on June 30 and the other half on Sept. 30.
The extra bonus round comes as law firm leaders, flush with cash after a strong 2020 for many, grapple with how to keep associates content and engaged a year after the pandemic shuttered offices and left many young Big Law lawyers with a heavy workload but fewer perks.
The country's biggest law firms have overwhelmingly reported profit growth for 2020, in large part thanks to cutbacks in costly travel and in-person events amid the pandemic.
"The Firm is experiencing exceptionally high activity levels, and sharing our financial good fortune with you is an important part of our commitment to you," Barr said in the memo. He said the firm is also focused on "work/life balance, personal wellness, mentorship and training, and working to cultivate a more diverse, equitable and inclusive professional home."
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