Is a spring bonus still special when employees have to wait until fall to see money?
This is the request for Hunton Andrews Kurth employees who have received news that their company will meet the market standard for Biglaw Special Rewards. It is certainly good news for these employees, but there is a catch.
Check out the bonus plan below:
Hmmm, these payments are much later than for comparable companies. As a reminder, most biglaw firms make payments in spring / summer and the second in fall / winter. At Hunton, however, the employee’s first payment is more closely tied to the second payment at most companies. However, they’re not the only company pushing payments through 2022.
One personable tipster noted that the company’s financial calendar was responsible for the delay:
Same numbers as everyone else, but paid on a different timeline for our fiscal year from April to March.
And I’m sure it doesn’t hurt that employees have to stay with the company until April 2022 in order to receive their full payment.
The company found that in order to be eligible for the awards, employees have a good reputation and must bill 1900 hours on an annual basis. These are granted in addition to the year-end bonuses. The full company memo is on the next page.
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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).