Biglaw firms across the country have special bonuses for their employees, but we can’t imagine anyone offering to pay more money than the already generous amounts that, thanks to Davis Polk, have become the market standard – until now.
Orrick – a company that had gross revenues of $ 1,158,537,000 in 2019 and ranked 31st in the most recent Am Law 100 rankings – has not one but two special bonus scales (see the full memo on the next Page). One scale is for people with 1950 bonus billable hours and the other for people with 2300 bonus billable hours. Both bonuses are annualized, one as of March 31 (get these hours as soon as possible) payable in April and one at the end of the bonus year (November 30 for employees and December 31 for legal aid) payable with earnings bonuses.
This is what the Orrick bonus scale looks like for people with 1950 hours:
And this is the Orrick special bonus scale for people with 2,300 hours – including a 25% above market premium for the bonus payout in April. Yowza!
Remember, this is a company that allows employees to be billed for 40 hours of eligible vacation time with no bonus. Up to 100 fixed billable hours are included in the 1950 or 2300 hour thresholds (including up to 35 hours of training / shading, up to 50 hours of innovation, up to 50 hours of diversity, equity and inclusion, and up to 50 hours of substantial business development). In addition, Orrick is offering regular and premium special bonuses to anyone who misses their billable points for payment in April but meets them by the end of the year.
Congratulations to everyone at Orrick on their special bonuses!
(Scroll to the next page to see Orrick’s full memo.)
Remember everyone, we need your tips to keep us updated on important bonus updates. If your company matches, please send us an SMS (646-820-8477) or an email (subject: “[Firm Name] Matches “). Please include the memo, if available. You can take a photo of the memo and send it via text or email if you do not wish to forward the original PDF or Word file.
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Staci Zaretsky is Senior Editor at Above the Law, where she has been working since 2011. She would love to hear from you. Please send her an email with tips, questions, comments or criticism. You can follow her on Twitter or connect with her on LinkedIn.