Biglaw firms turned heads at the end of last year with major compensation announcements just before the holiday season. The news has often been paired with the tantalizing prospect of increases on the Cravath scale, alongside bonuses. However, not every firm is prompt with their pay-outs, as is the case with top Biglaw firm, Hunton Andrews Kurth.
It was recently revealed that Hunton Andrews Kurth, a firm with a gross revenue of $804,052,000 in 2022, declared raises and bonuses in line with the Cravath scale. This put it at No. 62 in the most recent Am Law 100. Yet, it’s not all smooth sailing for associates at this firm. Despite the promising announcement, they will not see their salary increases and bonuses until April 2024.
The firm’s fiscal year runs from April to March, placing the pay-out date for eligible associates on or around April 1, 2024. Eligible associates are identified based on their meeting of performance expectations with regards to commitment, quality of work, productivity, and overall financial and firm contribution.
The consolation is that these associates will eventually get their hard-earned monetary reward. After all, good things come to those who wait. Nonetheless, until April 1, it would seem that these associates are left in suspense.
For more information and updates on salary announcements or if you’re interested in signing up for bonus alerts, you might want to take a look at the full article found on Above the Law.