The financial rewards for Biglaw associates continue as Goodwin Procter, ranked #16 on the Am Law 100 with annual gross revenue exceeding $2 billion, reveals its bonus structure for the year. The firm is adhering to the industry trend by providing both annual bonuses and additional special bonuses to acknowledge the extensive efforts of its associates over the past year. Bonuses are set to be disbursed on January 24th, contingent upon associates meeting a billing criterion of at least 1,950 hours in the preceding fiscal year. Notably, hours dedicated to pro bono work and up to 100 hours devoted to firm-related initiatives qualify toward this threshold.
The announced bonus scale is categorized by the associate’s salary class as follows:
- 2023: $20,000 bonus with a $6,000 special bonus
- 2022: $30,000 bonus with a $10,000 special bonus
- 2021: $57,500 bonus with a $15,000 special bonus
- 2020: $75,000 bonus with a $20,000 special bonus
- 2019: $90,000 bonus with a $25,000 special bonus
- 2018: $105,000 bonus with a $25,000 special bonus
- 2017+: $115,000 bonus with a $25,000 special bonus
The firm’s move aligns with what many major firms in similar standing are doing, rewarding their teams amid an increasingly competitive environment in the legal sector. For further details on the bonus memo, see the full article from Above the Law. As bonuses remain a critical component of associate compensation, firms continually adjust these incentives in response to market trends and internal performance benchmarks.