To say that Biglaw Fall’s bounty train has slowed is an understatement.
everything It started promisingly. Coolie made the first move in COVID Rating Reward The game, which is offering colleagues between $ 2,500 and $ 7,500 as a special expression from the company for their hard work during the pandemic. But then Davis Polk It set off a new standard, and the Cooley scale blew up. Their bonuses started at $ 7,500 and went up to $ 40,000. And companies Quickly Started Accumulate on this New reward Scale. Will show is apparently unpopular Bonus based on hoursHowever, until now, no one has jumped on board with that.
But then there was the protruding protuberance: Kirkland-Al The richest law firm in the world – Begged Receive special bonuses, and it appears asking the market not to follow the trend. Then Crapath followed him No special bonus Advertising. Since this ill-fated announcement by the traditional compensation leader, no other company has taken the lead and offered special fall bonuses. But a lot Has fallen To give Recognition rewards.
So, I wasn’t shocked at all that Fred Frank had made a statement that there would be no fall bonuses for colleagues (Fully available on the next page). As one of the guides said:
I will say that this is not at all surprising. The company has made clear that it will only proceed with awarding special bonuses if market leaders do so. When a few of the big companies decided they wouldn’t do so, it was clear that FF would not.
Thanks for nothing, Cravath. Fred Frank notes at least that they will consider the fall rewards when the year-end bonuses come time.
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Catherine Rubino is Senior Editor, Above the Law, and host of The Jabot Podcast. AtL Tips are the best, so please get in touch. Feel free to email to her For any advice, questions or comments and follow it on Twitter (@Catherine 1).