Biglaw Firms Offer Unique Bonuses to Attract Top Talent
September 26, 2022
Biglaw firms are some of the most prestigious Biglaw firms in the world. They often pay the highest salaries and have the most competitive bonus structures to help top talent attract each other.
So, what do you get when you become an associate at these top firms? The answer varies depending on the firm, but we’ve listed some of the most common benefits below. See how many apply to your new job!
The first thing that’s appealing about Biglaw firms is the size of their bonuses. There are many different types of bonuses but at the end of the year, each employee gets a chance to share in the profits.
With most Biglaw firms you have to be at that firm for X number of years or have Y number of hours billed before you get any type of profit sharing.
This is different with these big firms and since it’s profit sharing and not salary, what counts as eligible for your profit share is anything that has billing against it for an hour which can include retainer work, hourly consultations, and even office expenses.
This is one more example of how Biglaw firms want you as an employee to keep them successful!
Benefits for Associates
Associates often receive financial bonuses as a percentage of their annual salary. This usually amounts to a sizable sum of money each year and is meant to help associate employees start saving for retirement while they are still young.
Associates also have access to on-site health facilities, recreational facilities, and many other benefits which are not available at Biglaw firms. It’s not uncommon for these companies to provide fellowships for associates who excel at their work so that they can go back and pursue advanced degrees.
Retaining Key Staff
To retain the best people, and attract more of them, many big law firms offer generous bonuses in areas that go beyond salary. For example, they might offer bonuses for:
-Happiness at work A recent study found that people who are happy with their jobs are 20% more productive than those who are not.
This is a particularly attractive bonus for younger lawyers, many of whom may feel that they are trading their personal lives for their careers.
Unhappy employees can be difficult to retain, as they tend to look elsewhere for employment opportunities. To help staff stay happy and Biglaw firms also offer bonuses around improving physical wellbeing—such as subsidizing gym memberships or offering incentives for regular visits to a doctor.
These benefits come with measurable benefits: keeping well means fewer sick days are taken and more work gets done.
It is not uncommon for Biglaw firms with elite status to offer employees a variety of extra benefits and amenities on top of their higher salaries.
Depending on the firm, these perks can include paid vacation time, summer Fridays off, bonuses that take into account hours spent at the office during your time,
flextime scheduling, and high-end health insurance plans. In most cases, these firms have multiple career tracks that range from billable hours only (without any administrative work) to more managerial roles.
Employees may also be given bonus payments in return for accepting certain promotions or taking on a larger workload in their current position.
Work/Life Balance Section: Career Advancement Support
New York law firms offer an extensive range of training, educational programs, and other opportunities for career advancement. One thing that sets these firms apart is the level of attention given to mentoring associates.
Mentorships are not just about assigning a co-counsel or subordinate but instead provide a more direct and personal approach. As such, it creates stronger bonds between mentor and mentee.
This allows associates to feel more supported in their work and feel more a part of the team by giving them insights into different aspects of their field beyond legal work.
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