In the latest development from the competitive world of legal bonuses, Dechert LLP, ranked #39 in the Am Law 50 with a gross revenue of $1.293 billion last year, has announced a new bonus structure for its associates. This announcement follows similar moves by other Biglaw firms such as Milbank and Cravath, who have also announced attractive bonus packages for their associates.
Dechert’s recent announcement details bonuses available for associates who meet specific qualifying hours. Associates who bill at least 1,950 qualifying hours, encompassing client, pro bono, and community work, will be eligible for these bonuses. Payments will be made by the end of January 2025. For those reaching higher billable thresholds, additional bonuses are on offer. Associates clocking in at 2,200 hours can expect an extra 30% bonus, while those reaching 2,400 hours will see a 40% increase. For full details on qualifying bonuses, Dechert’s memo is available in its entirety on Above the Law.
This strategic move by Dechert aligns with a broader trend in the legal industry where firms are fiercely competing to retain top talent. The competitive bonus packages serve as a significant factor in the decision-making process for legal professionals assessing their career paths within the industry.
As the bonus season unfolds, it remains to be seen how other firms will respond. Legal professionals and associates are keenly observing whether their employers will match these offerings. For real-time updates on bonus announcements across the legal sector, associates are encouraged to stay connected with platforms like Above the Law.