Dewey pays bonuses of up to 19.5 per cent to City associates
The City office of US firm Dewey & LeBoeuf has announced its year-end bonuses for London associates, with awards ranging from five per cent to 19.5 per cent of salary.
Steve Davis
Junior associates have been paid bonuses of five per cent while senior associates received between 14 and 19.5 per cent. These percentages were in line with 2009 figures.
The firm splits associates into two tiers for bonus payments. Tier one relates to associates who clocked up to 1,800 billable hours including approved pro bono hours. Tier two is for associates who clocked up more than 2000 hours including approved pro bono hours, partner approved project time, or up to 50 hours of committee work.
There is also a discretionary bonus available for individuals that takes into account ’exceptional performance’ over the last year. Tier one associates in the class of 2009 will receive a bonus of £4,050, with those in tier two receiving £4,500. Tier one associates in the class of 2006 are in line for a £11,250 bonus, while those in tier two will receive £12,500. Associates in tier 1 from the class of 2003 will pocket £19,350 and tier two will get £21,500.
In a memo to London associates Dewey chairman Steve Davis said: “On behalf of the partners, I’d like to thank you for your commitment to the firm in 2010 and, as always, to providing excellent client service.”
