D.C.-Based Biglaw Firm Gets In On Associate Bonuses
With extra money for big billers.
Biglaw bonus season is in full swing, and feels like everyone is getting in on the action. The latest firm to announce associate bonuses in Covington & Burling.
The D.C.-based firm with 10 offices worldwide made $1,549,090,000 in gross revenue last year — financials that garnered them the #28 spot on the Am Law 100. As expected, the firm ponied up bonuses that match the prevailing Milbank scale.
The bonuses at Covington are as follows:
But as a salty associate at the firm noted:
Covington “matched” the Milbank special bonus but the special bonus is contingent on meeting the regular bonus hours benchmark (so they didn’t actually match what the market is doing)
Which, fair enough. The Milbank gold standard has no hours requirement attached. We will also note, however, that associates that have high billables will get an extra bump: a 10% increase at the 2,200- and 2,400-hour thresholds. You can read the full memo below.
Bonuses at the firm will be paid in January.
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
