Wilson Sonsini, a law firm that realised a gross revenue of $1,354,000,000 in 2022 climbing to position No.33 in the latest Am Law 100, declared raises and bonuses for associates and of counsels effective from February 1, 2024, as per a recent article posted on Above the Law. This is a notable move that aligns the firm with the Cravath scale of compensation.
The firm also intends to adhere to the Cravath scale for year-end bonuses. Associates must have logged a minimum of 1950 billable hours to be eligible for the bonus. It’s worth noting that the first 40 hours of an associate’s leave will also be accounted for as billable hours. Bonuses are planned to be disbursed on Wednesday, January 31.
The announcement has been well-received; it certainly spells a happy start to the new year for everyone working at Wilson Sonsini. The firm also reassures those who have yet to sign up for the ATL’s Bonus Alerts that they can just enter their email address to receive an email notification within minutes of each bonus announcement.
The full memo from the firm can be read in the article linked above. As the law industry constantly evolves and firms declare compensation updates, associates are encouraged to share their firm’s announcements and matches, thus helping everyone stay apprised of the latest in associate compensation trends.