McDermott announces associate bonuses

McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure.

The US firm amended the associate bonus structure in February to be in line with partner bonuses set on calendar year instead of the traditional October time table.

McDermott associates have received a portion of their annual bonuses in December and will receive the remaining bonus in January.

Associates in the class of 2006 and 2007 will receive a bonus advance of $10,000, while 2004 and 2005 associates will get a $15,000 bonus and $20,000 for all other associates.

London-based McDermott partner Scott Megregian said: “From an accounting perspective it made sense to change when we give associates bonuses. So associates have not had to wait for 15 months for their next bonus we have decided to stagger it and give them a portion of the bonus in December.”

Megregian added that as of January next year, all bonuses firm wide will be provided on a calendar year basis with no advances earlier in the year.