Biglaw Agency Gives Tremendous-Excessive Bonuses For Tremendous-Excessive Billables

Goldfinch Bird Cartoon Character With Money BagThe excellent news continues in Biglaw, at the very least when it comes to compensation.

The most recent agency to announce largesse to their associates is Loeb & Loeb. The agency made $385,271,000 in  gross income in 2020, making it 99th on the latest Am Regulation 100 rating.

As you possibly can see from the bonus chart under, it can take fairly a couple of billable hours to match the market commonplace set by Davis Polk (which incorporates year-end and particular bonus numbers). However, if you happen to hit these super-high billables (core hours embody shopper billable hours and creditable non-billable hours) wow, these are some spectacular bonuses. And for ease of comparability, Loeb & Loeb charted out what final yr’s bonuses had been like, so you possibly can see simply how a lot better associates are doing — monetarily — yr over yr:

2021
1900 Core Hours 2000 Core Hours 2100 Core Hours 2200 Core Hours 2300 Core Hours 2400 Core Hours
Tier 1 $7,500 $15,000 $22,500 $30,000 $37,500 $52,500
Tier 2 $15,000 $25,000 $35,000 $45,000 $55,000 $75,000
Tier 3 $25,000 $45,000 $65,000 $85,000 $115,000 $150,000
Tier 4 $50,000 $75,000 $100,000 $125,000 $180,000 $220,000
Tier 5 $65,000 $90,000 $115,000 $140,000 $210,000 $250,000
Tier 6 $80,000 $105,000 $130,000 $155,000 $235,000 $275,000
Tier 7 $90,000 $115,000 $140,000 $165,000 $250,000 $290,000
Tier 8/SC $100,000 $125,000 $150,000 $175,000 $265,000 $305,000
2020
1900 Core Hours 2000 Core Hours 2100 Core Hours 2200 Core Hours 2300 Core Hours 2400 Core Hours
Tier 1 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000
Tier 2 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000
Tier 3 $15,000 $30,000 $45,000 $65,000 $85,000 $105,000
Tier 4 $30,000 $50,000 $75,000 $100,000 $130,000 $160,000
Tier 5 $35,000 $60,000 $85,000 $110,000 $140,000 $170,000
Tier 6 $45,000 $70,000 $100,000 $130,000 $160,000 $190,000
Tier 7 $50,000 $75,000 $105,000 $135,000 $165,000 $195,000
Tier 8/SC $55,000 $85,000 $115,000 $145,000 $175,000 $205,000

Nevertheless, that was removed from the one excellent news on the agency. Loeb & Loeb additionally introduced raises! The agency wasn’t at market compensation earlier than this spherical of raises, and properly, nonetheless isn’t. However seeing as everybody however essentially the most junior associates will see a bump in compensation, that has to make people at the very least slightly completely happy.

New Base as of two/1/22 Present Base Base Improve
Tier 8 $340,000 $300,000 $40,000
Tier 7 $325,000 $290,000 $35,000
Tier 6 $305,000 $275,000 $30,000
Tier 5 $285,000 $260,000 $25,000
Tier 4 $260,000 $245,000 $15,000
Tier 3 $235,000 $230,000 $5,000
Tier 2 215,000 $215,000 N/A
Tier 1 205,000 $205,000 N/A

You possibly can learn the total e-mail from the agency on the subsequent web page.

*** Questioning if the grass is greener on the in-house facet? Click on right here for a glance contained in the black field of company counsel pay in our 2021 In-Home Compensation Report. ***

Bear in mind everybody, we rely in your tricks to keep on prime of vital bonus updates, so when your agency matches, please textual content us (646-820-8477) or e-mail us (topic line: “[Firm Name] Matches”). Please embody the memo if obtainable. You possibly can take a photograph of the memo and ship it by way of textual content or e-mail if you happen to don’t need to ahead the unique PDF or Phrase file.

And if you happen to’d like to enroll in ATL’s Bonus Alerts (which is the alert record we additionally use for wage bulletins), please scroll down and enter your e-mail handle within the field under this publish. When you beforehand signed up for the bonus alerts, you don’t have to do something. You’ll obtain an e-mail notification inside minutes of every bonus announcement that we publish. Thanks for all your assist!


Kathryn Rubino is a Senior Editor at Above the Regulation, host of The Jabot podcast, and co-host of Considering Like A Lawyer. AtL tipsters are the perfect, so please join together with her. Be at liberty to e-mail her with any ideas, questions, or feedback and comply with her on Twitter (@Kathryn1).


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