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Despite the doom-and-gloom news of layoffs that has infiltrated bonus season, associates at many firms have been working super hard this year — and this Biglaw firm is willing to reward them earnestly for it.
With a maximum bonus potential for senior associates of $160,000, Schulte Roth & Zabel is in it to win it this bonus season. The firm — which brought in $471,363,000 gross revenue in 2021, putting it at No. 92 in the most recent Am Law 100 ranking — announced bonuses yesterday afternoon, and SRZ is offering much more than a simple Baker/Cravath match.
Here’s what the bonus scale looks like at SRZ, with lots of extra cash for the highest of billers:
As you can see, there are three levels of step-up bonuses, and each requires higher level of billable hours (i.e., “extraordinary contributions to the firm”): 2300, 2500, and 2700 hours, respectively. These above-market bonuses are quite the thank you for the dedicated work associates have been putting in this year.
The firm is also offering partial credit bonuses for those who were unable to meet their minimum hours. As noted in the memo, associates with 1600 hours will receive a 50% bonus, while associates with fewer than 1600 hours will receive a $5,000 bonus.
Last, but certainly not least, the firm is offering a special kindness to rising second-year associates due to the uncertainties they faced due to the pandemic. Here are the details:
In recognition of the special challenges faced by the class of 2021 in starting their legal career during remote work, the hours threshold for the full class bonus will be reduced to 1500 hours. More details, including hours thresholds for the step-up bonuses and 50% class bonus for the class of 2021, will be communicated separately by email.
Associates at the firm seem to be pretty happy about how their bonuses turned out. “The firm has been killing it this year, lots of people I know are super busy and looking at above-market bonuses,” one of our sources at Schulte Roth told us. “It really shows character to take extra care of the first years (rising second years) who worked super hard through a difficult transition,” said another.
Congratulations on your bonuses, SRZ associates!
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm announces or 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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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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