Despite all of the upheaval in the legal industry (and the rest of the world) in 2020, there was a slew of good news, mostly in the form of money. For the most part, elite biglaw companies have chosen to give away special bonuses in addition to traditional year-end bonuses to honor the hard work of employees during a particularly challenging time. Now Cozen O’Connor has decided to join the action.
According to the company’s management, Cozen O’Connor had a pretty good year. And they are ready to share this happiness with the base of the company through an email sent by the guide (fully available on the next page):
We couldn’t be more proud of the fact that we didn’t have to take the austerity measures that many companies had put in place to reduce the salaries of their employees and lawyers. This shows that our profit retention business model to protect against unforeseen economic circumstances is absolutely the right way to run a law firm. Of course, no one could have predicted that a pandemic would test the resilience of the legal industry, but anyway, our financial strength sets us apart from our competitors.
The bonus scale at Cozen is as follows:
As you can see, employees do a little better under the Cozen scale in the first year (the market price for them is $ 7,500). The class of 2018 corresponds to the market rate. Up to the 2017 class, however, there are fewer employees compared to the market figures. And we’re not talking about fool switches – the difference between mid-sized and senior executives is $ 10,000 to $ 20,000, depending on the class year.
But smaller bonuses are better than no bonuses and much better than austerity measures.
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Kathryn Rubino is Senior Editor at Above the Law and host of The Jabot podcast. AtL tipsters are the best so please connect with her. Feel free to email her tips, questions, or comments and follow her on Twitter (@ Kathryn1).