Bonus “szn” is formally in full swing. Simply days after Cravath kicked things off, setting an annual bonus mark and retroactively becoming a member of Milbank’s summer special bonuses, we’ve obtained one other agency confirming what all of us anticipated: Baker Botts is matching the Cravath scale.
The Houston-based agency — which clocked a record 2024 with income up 11.8 % and earnings per fairness accomplice up 17.6 % — alerts a strong 2025 by rewarding associates with the market-rate bonuses.
Right here’s the year-end bonus breakdown:
To qualify for these bonuses, associates and particular counsel have to be in good standing and employed on the cost date, assembly their hours targets for the bonus calculation interval operating December 1, 2024 by way of November 30, 2025. The particular bonuses are for “U.S. associates and counsel who’ve met or exceeded productiveness targets for shopper chargeable work.” The “shopper chargeable” language you might remember setting off some controversy last year as tipsters reported feeling the rug pulled out when the agency adopted the brand new normal slicing out some beforehand creditable hours. This yr, presumably each one knew the rating coming in.
The memo takes pains to remind everybody that “cash is way from the only real measure of our dedication to our individuals” — which is strictly what you say proper earlier than asserting how a lot cash you’re giving individuals.
At the least I didn’t should mud off any “bonuses from the oven” joke this yr. Progress.
Congrats to everybody at Baker Botts!
Keep in mind everybody, we rely in your tricks to keep on high of these items. So when your agency matches, please textual content us (646-820-8477) or email us (topic line: “[Firm Name] Matches”). Please embrace the memo if out there. You possibly can take a photograph of the memo and ship it through textual content or electronic mail in case you don’t wish to ahead the unique PDF or Phrase file.
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Joe Patrice is a senior editor at Above the Regulation and co-host of Thinking Like A Lawyer. Be happy to email any ideas, questions, or feedback. Observe him on Twitter or Bluesky in case you’re concerned with legislation, politics, and a wholesome dose of school sports activities information. Joe additionally serves as a Managing Director at RPN Executive Search.
