The legal profession has a reputation for high earnings and these days the sky seems to be the limit for contractual bonuses at law firms. In a wave of lucrative bonus announcements, law firms are rewarding their associates with extraordinary sums of cash. The climate in the legal business world seems to be largely one of lavish provisions, even as competition intensifies.
Take Morgan Lewis, for example. A well-regarded and internationally recognised law firm, Morgan Lewis seems to be spouting money. Associates would do well to bring a bucket, instead of an umbrella to catch all the wealth that is being showered upon them.
The situation is no different at Boies Schiller Flexner LLP. The firm is causing a stir in the legal waters with a $400,000 bonus declaration for their associates. This is a huge sum, even by the standards of law firms.
Across the pond, things are looking financially sunny at Clifford Chance, where the firm is making it rain serious sums of money for their professionals.
Even boutique firms are joining the meteor shower of money — Ahmad, Zavitsanos & Mensing P.C, a regional player, is also making it rain for their talented team.
Two more big firms have also stepped into the rain of rewards. Weil and Fish have both announced that they are rewarding their associates with hefty sums of money.
The festive season is also being anticipated in the legal world, with preparations underway for a New York holiday party. In addition, law firms and legal professionals are being encouraged to showcase their creativity by submitting holiday cards – the best of which will receive recognition in Above the Law’s 15th Annual Holiday Card Contest.
Certainly, from all indications, the legal market is not just buoyant, but effervescently so. As the year draws to a close, the forecast suggests a deluge of currency will continue to pour at law firms, making the financial aspect of legal work even more rewarding than before.