Associates at Orrick Herrington & Sutcliffe LLP have reason to celebrate this holiday season as the firm has confirmed it will match the current market rate for associate bonuses, but timing may not be what some were hoping for. According to insights from the report by Above the Law, this announcement comes amidst Orrick’s substantial financial performance in 2023, where it reported $1.465 billion in gross revenue and impressive profits reaching $3.113 million per equity partner.
While Orrick’s associates can anticipate receiving their base bonus payouts by mid-February, the delay means these funds won’t be arriving in time for the more traditionally festive winter holidays. Instead, associates may need to look to Valentine’s Day for their bonus windfall. However, the consolation comes in the form of special additional bonuses, which are slated to be distributed with the December 31st payroll, providing a financial cushion until the full bonus disbursement in February.
This approach stands in contrast to the recent actions by other prominent firms. Hogan Lovells, for example, made waves earlier with an announcement that left some of its associates disappointed. Orrick’s decision to introduce special bonuses may help to mitigate any similar dissatisfaction among its ranks.
These recent developments underscore the competitive nature of compensation strategies within the legal industry, as firms strive to retain top talent by aligning with market expectations. While the timing of these bonus announcements varies, the consistency in matching market standards reflects a broader trend of robust financial recognition among major law firms.
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